Abstract: An abrasive disc exchange apparatus for use in a vertical spindle grinding machine includes a cover member surrounding an abrasive disc, and has an opening disposed in a radial direction of the abrasive disc for the passage of the abrasive disc therethrough. The cover member has a lid for closing the opening, and the lid is movable into an open position where the lid opens the opening. A guide rail accommodating device is provided for accommodating a guide rail. A support device is provided for holding the guide rail horizontally so as to allow the guide rail to extend toward the spindle housing when the lid is moved to its open position. An abrasive disc-carrying slide carries each of the upper and lower abrasive discs, and is engageable with the guide rail for movement therealong into and out of the space below the spindle housing when the guide rail is disposed horizontally.