Prestressed rebars are usually used to apply vertical prestress to concrete to prevent web cracking. The reduction of working stress will affect the durability of the structure. However, the existing working stress detection methods for prestressed rebars still need to be improved. To monitor the working stress of rebars, a magnetic resonance sensor was introduced to carry out experimental research. The correlation between rebar stress and the sensor’s induced voltage was theoretically analyzed using the magnetoelastic effect and magnetic resonance theory. A working stress monitoring method for prestressed rebars based on magnetic resonance was proposed. Working stress monitoring experiments were carried out for 16 mm, 18 mm, and 20 mm diameter rebars. The results showed that the induced voltage peak-to-peak value and the rebar prestress were nonlinearly correlated under different working conditions. Correlations between the characteristic indicators and the rebar working stress were obtained using nonlinear and linear fit. The cubic polynomial segmented fit outperformed the gradient overall linear fit, with the goodness of fit R2 greater than 0.96. The average relative error values of working stress monitoring were less than 5% under different working conditions. This provides a new method for working stress measurement of vertical prestressed rebars.