Surface finishing is challenging for additively manufactured components with complex geometries. Magnetic abrasive finishing (MAF) is a promising surface finishing technology that can refine the surface quality of components with complex shapes produced by additive manufacturing. However, there is insufficient study regarding the impact of MAF on microstructure-property relationships for additively manufactured builds, which is critical for evaluating the mechanical performance. Furthermore, although MAF is usually used as the final step of post-processing, it remains unclear whether adjusting the sequence between MAF and other processes, e.g., heat treatment, can potentially improve the mechanical performance. In this work, the effects of MAF on the microstructure and mechanical property evolution of Inconel 718 superalloys made by laser powder bed fusion (LPBF) were studied. The application of MAF was found to significantly reduce the surface roughness of alloys and refine the grain size of aged samples. Moreover, MAF is able to increase the elongation of materials, which can be further influenced by the sequence of MAF and different heat treatments. The highest elongation can be achieved when MAF is performed between homogenization and aging processes. This work demonstrated a promising solution to improving the performance of LPBF Inconel 718 by combining MAF and heat treatment, which provides new perspectives on the post-processing development of additively manufactured alloys for advanced mechanical properties.