There have been many researches concerning the modeling for material removal mechanisms of bonnet polishing (BP) based on the well-known Preston model. However, various parameters involved in the BP process are not formulated and considered in the classical model, such as slurry characteristics, pad properties, bonnet features, and processing conditions. In this paper, a micro-analysis model capturing those parameters is proposed based on the mutual interaction of the slurry, pad, and workpiece among the BP interfaces with the micro-contact theory and the tribology theory. The proposed model is validated by comparison with the experimental data, and good agreement can be obtained. According to the analysis of key parameters, the proposed model is capable of providing some insight into the material removal mechanisms of BP, and even those cannot be explained properly by the classical Preston model.