A grinding wheel for grinding a workpiece, including a core portion connected to a drive shaft, and an abrasive portion fixed to an outer circumferential surface of the core portion for grinding the workpiece. The grinding wheel further includes at least one balancing member which is movable in a circumferential direction of the wheel, a driver device for moving the balancing member(s) in the circumferential direction so as to change an angular position of each balancing member, a signal receiving device for receiving a control signal for balancing the wheel, and a driver control circuit for operating the driver device for moving the balancing member(s) so as to balance the wheel, according to the control signal received by the signal receiving device. The above-indicated at least one balancing member, driver device, signal receiving device and driver control circuit are all disposed within the core portion of the wheel.