Nondestructive eddy current (EC) method for evaluation of stresses in ferromagnetic steel components based on the stress-induced magnetic anisotropy (MA) changes was investigated. The proposed method is based on the rearrangement of the magnetic domains under stresses due to the reverse magnetostrictive effect (Villari effect). For evaluation of stresses special EC probe was developed. Investigations were carried out with the application of the conventional testing machine for tensile loading and the specially developed experimental setup for four-point loading for creation the adjusted tensile and compressive stresses on different sided of the loaded specimen. From results obtained some specific properties were determined: the magnetic-mechanical hysteresis existence and the invariance feature in relation to the structural state of the material. The last result can create the outlook for stress measurement independently of the structural state of material as opposed to other known magnetic methods based on coercivity or Barkhausen noise measurements. Two original practical applications of the MA technique for stress determination were realized: the evaluation of the welding-induced residual stresses and the estimation of stresses in the steel bridge framework during the launching to the pillars.