The invention discloses a formula of an elastic grinding piece. The formula comprises a fine material layer and a thick material layer compounded up and down; the thick material layer comprises the raw materials of SG abrasives, high-temperature calcined corundum, white corundum, liquid phenolic resins, liquid butyronitrile rubber, powder-shaped phenolic resins, decolored and dewaxed lac powder, diamond powder, nanoscale gas-phase silicon dioxide, magnesium oxide powder, titanium white powder and phthalein green; and the fine layer material comprises the raw materials of corundum, white corundum, liquid phenolic resins, liquid butyronitrile rubber, powder-shaped phenolic resins, decolored and dewaxed lac powder, potassium fluoborate, nanoscale gas-phase silicon dioxide, magnesium oxide powder, titanium white powder and phthalein green. The prepared elastic grinding piece needs no flexible bending and softening, is excellent in polishing hand feel, breaks no edges, is high in durability, is excellent in flexibility, can reach the biggest bending angle of 52 degrees, is high in adaptability, can satisfy the demands on such precise machining as finish grinding and polishing in the bearing industry, and is high in surface precision of machined workpieces.