After analyses and research on material quality and physico-chemical function of processed〖KG*2〗workpiece, honing technique, ablation mechanism, and having made a lot of tests and practices, a new type of binding agent, diamond honing oilstone, was developed. The manufacture method and the technique formula were summarized out. The honing technology will be developed and the economic efficiency of diamond products in our country will be promoted as the product is developed and popularized.