Chemical mechanical polishing (CMP) enables global and local flatness polishing of a wide range of materials and is now widely used in the field of integrated circuit manufacturing. As one of the main consumables in the CMP process, slurry accounts for 50% of the total cost of the CMP process. However, most of the slurry is discharged into the waste stream by centrifugal force before it reaches the polishing pad-wafer interface, resulting in a very low slurry effective utilization rate. Therefore, optimizing the CMP process parameters to improve the slurry effective utilization can not only reduce the polishing cost but also solve some environmental problems. For the CMP process, the retaining ring not only fixes the wafer to prevent it from slipping out but also helps the slurry to transfer between the pad-wafer interfaces through its multiple grooves to improve the slurry effective utilization. Consequently, in this work, construct a dynamic coupling model of slurry flow and retaining ring rotation, and the finite element method (FEM) was employed to investigate the effect of retaining ring structure (including the number of grooves, groove width, groove area, and the presence of rounded corners at the grooves) on the slurry effective utilization rate during the CMP process. The results showed that the slurry effective utilization rate improved with the increase of retaining ring groove number with the same groove width (3.0 mm). For the same groove area (1785.4±0.3 mm2), the increase of retaining ring groove number led to a decrease in the slurry effective utilization rate. And the same number of grooves, the larger the groove width, the greater the slurry effective utilization rate. Fillet grooves had a higher slurry effective utilization rate than sharp-edged grooves. When the groove width of the retaining ring was enlarged and the groove of the retaining ring was designed as fillet, the slurry effective utilization rate could be improved significantly. This work optimizes the CMP process parameters by FEM simulation and provides theoretical guidance to reduce the CMP cost.