Numerical simulations of hypersonic magnetohydrodynamics (MHD) flow over a typical sphere–cone blunt body are carried out based on the assumption of a low magnetic Reynolds number. The effects of an external dipole magnetic field on the surface heat flux are analyzed in detail, and multiple mechanisms of the MHD heat flux mitigation are revealed systematically for the first time. The following is found: (1) The external magnetic field can effectively reduce the stagnation point heat flux, and the increase in the boundary layer thickness due to the effect of counter-flow Lorentz force, which is equivalent to adding an adverse pressure gradient, is the main reason. (2) In the head region of the blunt body, the relative surface heat flux shows a complex trend of rising and falling because there are two mechanisms which could produce the opposite effects on the surface heat flux. One is that the counter-flow Lorentz force results in an increase in the boundary layer thickness, and the other is that the Joule heating increases the static temperature behind the shock wave. (3) In the shoulder region of the blunt body, the Lorentz force component, normal to streamline, could change the flow direction of the fluid elements, causing the streamline to deviate from the wall or even separate, thus affecting the surface heat flux. (4) In the large area downstream of the blunt body, the surface heat flux could still be reduced by more than 30% due to the “upstream historical effect”.