We investigated the polishing mechanism and industrial effectiveness of the ultrasonic vibration fixed abrasive grain polishing method in which the grindstone is ultrasonically vibrated in perpendicular to the polishing direction. First, the polishing characteristics and industrial effectiveness were analyzed based on the behavior of the abrasive grains in low-speed polishing using this method. Next, diamond and cBN abrasive grain electrodeposited square grindstones that ultrasonically vibrate at a frequency of 20 kHz and a maximum amplitude of 15 μm were manufactured, and polishing experiments were conducted on high-speed tool steel. The results clarified the amount of processing, chip properties, and characteristics of the polished surface.