A wafer processing method which can polish the chamfered portion of a wafer quickly, is disclosed. The processing method comprises the steps of: chamfering a peripheral portion of a wafer obtained by slicing an ingot, by grinding; lapping the wafer; etching the chamfered or lapped wafer; thereafter honing the entirety of the chamfered peripheral portion of the wafer by using a grinding stone while applying a predetermined load to the grinding stone; and thereafter polishing the entirety of the chamfered peripheral portion and the front and rear surfaces of the wafer.