The accuracy of machining of the raceway of a ball bearing affects its characteristics and life. In order to improve the accuracy of profile and surface smoothness of raceway and to get better efficiency of polishing, a new raceway polishing method, which is designed as a centreless lapping apparatus, has been devised. Practically the accuracy of profile and smoothness of raceway are improved with this method, and working efficiency has been improved because the cutting lines of lap cross the lines of grinding scratches. Systematically investigating various working conditions, such as material of lap, surfae speed of lap and work, lapping pressure, lapping powder, and change of cutting direction, the authors determined, the best working condition of this polishing method to get perfect mirror-finished raceways.