The relationship between the efficiency of NiO/Fe2O3 wet grinding and noisy-power dissipation was studied. The optimal grinding parameters were found as: a slurry water content of 64.10%-85.47%, ball number ratio of 360/20, revolution speed of 300.9 r/min, powder-filling ratio of 10.88%, ball-filling ratio of 20.53%-23.88%, and grinding time of approximately 6 h. The discrete element method(DEM) was employed to analyze relationship between the noisy-power dissipation and the grinding efficiency, and equations describing the relationship were derived. The mean particle size of the ground powder decreased with a decrease in the degree of noisy-power dissipation, while the grinding efficiency and the amount of specific impact power used decreased with an increase in the degree of noisy-power dissipation.