We propose a magnetically tunable dual-band terahertz (THz) absorber by using an InAs substrate with a subwavelength zero-contrast germanium grating. The results demonstrate that the absorption peaks in this absorber can be dynamically tuned by changing the intensity and the rotation angle of the applied transverse magnetic field, which is achievable at a moderate order of magnitude of 0.1 Tesla. In addition, we investigate the distribution of magnetic field intensity and find that the magnetically tunable absorption originates from the combination of the magneto-optical effect and the guided-mode resonance effect, where the absorption peaks shift in different directions at normal incidence and oblique incidence. Furthermore, the absorption intensity of the proposed structure could reach 99% with an ultra-high
Q
-factor of 258. This work paves the way for actively adjustable high-resolution THz absorption or a nonreciprocal thermal emitter.