Tar conversion during biomass pyrolysis is essential for hydrogen production. In this study, phenol and 10 wt.% Ni/CaO-Ca12Al14O33 were used as the tar model compound and catalyst, respectively. The purpose of the present investigation was to analyze the influence of varying magnetic field strength (ranging from 0 to 80 mT), reaction temperature (ranging from 550 to 700 °C), and carrier gas velocity (ranging from 20 to 30 mL/min) on the catalytic pyrolysis outcomes obtained from phenol. The findings indicated that the conversion rate of phenol and H2 output exhibited an increase with an escalation in magnetic field strength and reaction temperature but demonstrated a decrease with an upsurge in the carrier gas velocity. The ideal conditions for achieving the maximum phenol conversion (91%) and H2 yield (458.5 mL/g) were realized by adjusting the temperature to 650 °C, retaining the carrier gas velocity at 20 mL/min, and elevating the magnetic field intensity to 80 mT. These conditions resulted in a considerable increase in phenol conversion and H2 yield by 22.2% and 28.2%, respectively, compared with those achieved without magnetism. According to the kinetic calculations, it was indicated that the inclusion of a magnetic force had a beneficial effect on the catalytic efficacy of 10 wt.% CaO-Ca12Al14O33. Additionally, this magnetic field was observed to lower the activation energy required for the production of H2 when compared with the activation energy required during phenol catalytic pyrolysis. This consequently resulted in an enhancement of the overall efficiency of H2 production.