A mixed light rare earth compound which has been obtained by chemically removing medium-to-heavy rare earth elements, Nd and impurities other than rare earth elements from an ore containing rare earth elements is fired at 500 to 1100.degree. C. to yield a mixed rare earth oxide. A cerium-based rare earth oxy-fluoride is added to the mixed rare earth oxide to obtain a mixture. The mixture is subjected to wet-pulverization, drying, firing, disintegration and classification to thereby yield a cerium-containing abrasive.