In this paper, a novel ice bonded abrasive polishing process proposed for producing ultrafine surfaces on metallic surfaces is presented. Ice bonded abrasive polishing setup was developed for conducting the experiments under cryogenic conditions. The novelty of the process lies in the method of preparing a cryogenic polishing tool by freezing a mixture of distilled water and ultrafine abrasive particles with suitable cryogenic fluids. Characterization of the tool, by mass balance method, ensured uniform distribution of abrasives throughout the ice matrix. Experiments were conducted on 304L stainless steel in order to examine the improvements in surface finish on work surfaces. Experimental studies have revealed the generation of ultrafine surfaces, yielding roughness values in nanometric range, with the adhesive action of ice and the abrasive action of material by fine abrasive particles.