In order to optimize the existing slurry for abrasive-free polishing (AFP) of a hard disk substrate, a water-soluble free radical initiator, 2,2′-azobis (2-methylpropionamidine) dihydrochloride (AIBA) was introduced into H2O2-based slurry in the present work. Polishing experiment results with AIBA in the H2O2 slurry indicate that the material removal rate (MRR) increases and the polished surface has a lower surface roughness. The mechanism of AIBA in AFP was investigated using electron spin-resonance spectroscopy and UV–Visible analysis, which showed that the concentration of hydroxyl radical (a stronger oxidizer than H2O2) in the slurry was enhanced in the present of AIBA. The structure of the film formed on the substrate surface was investigated by scanning electron microscopy, auger electron spectroscopy and electrochemical impedance spectroscopy technology, showing that a looser and porous oxide film was found on the hard disk substrate surface when treated with the H2O2-AIBA slurry. Furthermore, potentiodynamic polarization tests show that the H2O2-AIBA slurry has a higher corrosion current density, implying that a fast dissolution reaction can occur on the substrate surface. Therefore, we can conclude that the stronger oxidation ability, loose oxide film on the substrate surface, and the higher corrosion-wear rate of the H2O2-AIBA slurry lead to the higher MRR.