Aspheric elements have become essential optical surfaces for modifying optical systems due to their abilities to enhance the imaging quality. In this work, a novel method employing a doughnut-shaped magnetic compound fluid (MCF) polishing tool, and an industrial robot was proposed for polishing aspheric surfaces. Firstly, investigations on the MCF tool, including the formation process and geometry, were conducted to form an appropriate polishing tool. The distribution of abrasive particles was observed using SEM and EDX mapping. Thereafter, a conic workpiece constructed from 6061-aluminum alloy was selected as the workpiece, which was used to discover the effects of the parameters on the polishing ability of aspheric surfaces. Finally, a polishing experiment was conducted with an aspheric element under the optimized conditions. The obtained results are shown as follows. (1) A relatively regular MCF tool was obtained when the eccentricity (r), amount of MCF slurry supplied (V), revolution speed of the MCF carrier and magnet (nc and nm, respectively) were given at appropriate values. (2) Abrasive particles entrapped in or attached to the clusters were observed abundantly on the MCF tool sample. (3) The surface profile of the conic workpiece after 60 min of polishing indicated that material was removed evenly, and an annular polishing area was attained. Meanwhile, a higher material removal rate and better surface roughness were achieved with a smaller working gap (h) and larger volume of the MCF slurry supplied (V). (4) The roughness (Ra) of the aspheric surface decreased from 49.81 to 10.77 nm after 60 min of polishing. The shape retention obtained a Pearson correlation coefficient (Pcc) of 0.9981, which demonstrated that this novel method is appropriate for polishing aspheric elements. © 2019 Elsevier Inc.