Trigger Job -AK 47 / 74 - Polish Way Easy - DIY - Smooth & Slick Mod 

Yes it can but it takes some work and isn't the best thing to use for that purpose. Rust Oleum aircraft remover is best for removing paint. I wouldn't use the mag polish in place of a file/sandpaper to get to bare metal before polishing, that's a waste of polish and time. That would be like trying to sharpen a dull knife with a piece of leather instead of honing a sharp knife with a piece of leather, it's meant for the finishing step not the beginning-to-end step.