The invention provides a cerium oxide polishing liquid suitable for polishing rock crystals, photomask quartz glass, semiconductor devices and glass-prepared hard disks and polishing low-dielectric-constant materials for interlayer insulating films of semiconductor devices of siloxane and the like. The polishing liquid contains surface modified nano cerium oxide, silicon dioxide, a dispersing agent, an oxidizing agent, an alkaline compound, an alcohol compound and water. Preferably, stearic acid treated nano cerium oxide is selected, the particle size is preferably 10-100 nm, and the mass content is 1-10%; preferably, the particle size of the colloidal silicon dioxide is 40-100 nm, and the mass content is 0.1-5%; preferably, the polishing liquid contains 0.01-5% of the high-molecular dispersing agent, 1-10% of the hydrogen peroxide oxidizing agent, and the balance an alcohol-water mixture, wherein the pH value of a slurry is 8-10. The nano cerium oxide polishing liquid selects the surface modified nano cerium oxide, has addition of a proper amount of the silicon dioxide, thereby reducing the grinding trigger time and improving the processing stability.