Electrochemical magnetic abrasive machining is an efficient way to get the high surface finish in short time. Magnetic abrasives are prepared from various method but abrasives made from iron powder are the most common as it give high surface finish in short time. In the present work parametric studies have been done to get the relation between the input and output parameters, abrasives are prepared using iron powder mixed with diamond powder in three ratios and compacted in a die using the UTM. Sintering of compacts was done in the simple tube furnace at constant temperature of 1250¿C for 150 minutes. Electrochemical magnetic abrasive machining was done on a cylindrical workpiece of stainless steel (SS316) for 15 minutes and optimization was done using design expert software. It was found that when the speed and voltage was increased the PISF increases and maximum PISF 62 was obtained at 30V, 100 RPM graphs were plotted and empirical relation between the input and output parameters was obtained.