The volume removal rate properties for a floating polishing process under different lubricating conditions are investigated. The lubricating conditions are those that make the pad in noncontact with the work surface. Under this noncontact condition, the abrasive particles will play two roles in work material removal. One role is to accumulate the energy or power from shear stress field of slurry flow. The other role is to transmit the accumulated energy or power to work surface atoms in a certain efficiency. Accordingly, it is proposed that the machining capability of an abrasive particle is mainly a function of its sustained shear stress, from an energy point of view. II is shown that the removal rate has distinct properties under different lubricating conditions. If the slurry between pad and work surface is in the isoviscous-elastic lubricating regime, the removal rate will be related positively to pad speed and slurry viscosity. On the other hand, the removal rate is related negatively to speed and slurry viscosity when the lubrication is in the isoviscous-rigid regime.