Electrolyte-plasma technology can be used not only for finishing products, deburring and blunting sharp edges, contaminants cleaning and preparing a surface for the subsequent application of various coating types. Recent studies have shown that two simultaneous operations can be carried out by using this technology: simultaneous polishing and tool regrinding are achieved by selecting the appropriate operating voltage, suitable electrolyte composition and a workpiece immersion angle. For example, this effect can be used in the manufacture of surgical armaments and household cutting items. Positive results of simultaneous polishing and grinding were obtained for cutting tools from steels 40Х13 and 50Х14МФ. In after years combining these two operations (grinding and polishing) in manufacture of cutting products may provide significant economic benefits in industrial scale.