In this paper, a theoretical analysis of the problem of magneto‐hydrodynamic couple‐stress squeeze film lubrication between rough circular stepped plates is presented. The modified averaged Reynolds equation is derived for the two types of one‐dimensional roughness structures, namely the radial roughness pattern and the azimuthal roughness pattern. The closed‐form expressions are obtained for the mean squeeze film pressure, load‐carrying capacity and squeeze film time. The results are presented for different operating parameters. It is observed that the effect of azimuthal (radial) roughness pattern on the bearing surface is to increase (decrease) the mean load‐carrying capacity and squeeze film time. The applied magnetic field increases the load‐carrying capacity and lengthens the squeezing time. Copyright © 2012 John Wiley & Sons, Ltd.