The present invention addresses the problem of providing a water-soluble cutting or grinding fluid that has excellent permeability and washability, that can be widely used in cutting or grinding, and that is particularly suitable for use in superfinishing. The present invention provides a water-soluble cutting or grinding fluid that contains a glycol compound (A), at least one substance (B) selected from the group consisting of organic amines and inorganic alkalis, a surfactant (C), and water (D), the water-soluble cutting or grinding fluid having a contact angle of 2 to 15° as measured using the θ/2 method one second after a drop of a dilution of the water-soluble cutting or grinding fluid is dropped on an SPCC-SB plate.