So... is Magic Knight Rayearth finished or not?
NO, it is not finished.
Why?
We found unfinished non-core content:
Magic Knight Rayearth (Shin Anime) (Other)
MangaUpdates contains information about the anime adaptation and indicates that it is incomplete.
Watching Order (by release date)
Here you have all the anime relations we detected ordered by release date, so you can see the reason for this status in context and also use it as watching order.
The mangas and the non-core contents are excluded by default, but you can enable them by clicking the buttons below:
Magic Knight Rayearth
魔法騎士（マジックナイト）レイアース
Anime - Base
Release date: October 17, 1994
Magic Knight Rayearth II
魔法騎士（マジックナイト）レイアース II
Anime - Sequel
Release date: April 10, 1995
Synopsis
Three ordinary middle school girls, Hikaru, Umi, and Fuu, find themselves transported to a magical land called Cephiro while on a field trip to Tokyo Tower.
They learn from Master Mage Clef that they have been chosen as Magic Knights, destined to save Cephiro from a great evil.
Princess Emeraude, who maintained Cephiro's peace, has been imprisoned by the High Priest Zagato, plunging the land into chaos.
The girls must now embrace their roles as Magic Knights and embark on a quest to defeat Zagato and restore balance to Cephiro.