The invention relates to a method for the material-removing processing of an adjustable camshaft which has a shaft body, wherein at least a first component of the camshaft can move axially and/or in the circumferential direction with respect to the shaft body, wherein a gap which permits the movement is provided between the shaft body and the first component, and wherein in order to protect the first moveable component during the material-removing processing a protection apparatus which has at least one fluid duct is placed on the shaft body and fluid is applied to it. According to the invention, the protection apparatus is arranged laterally with respect to the first moveable component in such a way that at least some of the fluid is directed laterally onto the first component and into an intermediate space between the protection apparatus and the first component, and wherein the first component is exposed in the radial direction. The subject-matter of the invention is also an arrangement for carrying out the method.