Precision surfaces of optical grade have been in great demand for various applications such as high-power laser systems, astronomical reflecting telescopes glass mirrors, folding mirrors of avionics displays, reflectors, guides for transmission of hot and cold neutron beams for neutron exploration setups, electronic substrate, display covers and substrates for biomedical imaging and sensing, etc. Generation of such surfaces has been a challenge; particularly the polishing operation of optical fabrication process is quite critical which determines the final surface quality. To achieve the required optical surface parameters, a good control and systematic understanding of polishing process and its parameters are required. However, the conventional or full aperture optical polishing process still depends on operator's skills to achieve the target surface quality. To exploit the process to the extent, it is must to have a scientific understanding of material removal behavior of the polishing process, which will lead to the process becoming deterministic. This article has attempted to address this issue. Authors have summarized different material removal theories and discussed various mathematical models as proposed by researchers so far. Attempt has been made to come up with knowledge gaps which are required to be bridged in future. [ABSTRACT FROM AUTHOR]