In order to improve the weldability and bearing capacity of AZ91 magnesium alloy welded joints, magnetic field and active flux were added in the TIG welding process. In the welding process, the magnetic field and welding parameters were unchanged, and the coating amount of active flux was adjusted. The formability, mechanical properties, and microstructure of the welded joints under different coating amounts of activated flux were analyzed, and the crystallization nucleation characteristics of molten pool were discussed. The experimental results reveal that the combined effect of the magnetic field and activated flux has a significant effect on increasing the penetration and promoting mechanical properties. When the coating amount of activated flux is 3 mg/cm2, the highest penetration of the welded joint is obtained, which is 141% of that without activated flux. Meanwhile, the mechanical properties reach the maximum, which is a tensile strength of 292 MPa, elongation of 11.2%, and weld zone hardness of 75.6 HV (0.5 Kgf). The combined effect of TiO2 flux and magnetic field does not change the phase composition and the grain orientation of a weld metal but can affect the grain size. The average grain size of a weld metal under an activated flux coating amount of 3 mg/cm2 is 18.2% smaller than that under an activated flux coating amount of 1 mg/cm2.