<p>Nowadays, the aerospace, extreme ultraviolet lithography, large scientific devices, and other systems require optical components to be processed with full-band sub-nanometer precision, ultra-high surface quality, and near-zero sub-surface damage. To cope with such stringent requirements, magnetorheological finishing (MRF) (wheel type), a digital, intelligent, and comprehensive optical manufacturing method, has a wide range of applications and “bright” development prospects in the present and the future. To further promote the development of MRF and realize the goal of MRF into the next-generation optical manufacturing, it is necessary to review and summarize the MRF technology. This paper firstly introduces the origin and development history of MRF, then begins with the digital, intelligent, and all-around manufacturing characteristics of magnetorheological polishing. The following three aspects are introduced in detail: digital modeling methods of MRF (basic theory): tool influence function (TIF) modeling method, computer control linear/nonlinear figuring theory, dwell time solving model and algorithm; intelligent equipment and processes of MRF (technical core): multi-axis motion platform with high precision/stability/dynamic characteristics, modular electromagnetic/permanent magnet MRF tools, and intelligent auxiliary methods; comprehensive target applications of MRF (key processes): MRF process with sub-nanometer precision, ultra-high surface quality, near-zero non-destructive sub-surface, and mid-frequency error optimization control. Finally, the future key work of MRF is prospected. In addition, this paper has important reference value for researchers who want to have a comprehensive understanding of MRF.</p>