An experimentally feasible magnetometer based on a dual‐coupling optomechanical system is proposed, where the radiation‐pressure coupling transduces the magnetic signal to the optical phase, and the quadratic optomechanical interaction induces a periodic squeezing effect. The latter not only amplifies the signal to be measured, but also accelerates the signal transducing rate characterized by an experimentally observable phase accumulation efficiency. In the vicinity of opto‐mechanical decoupled time, the ultimate bound to the estimability of magnetic signal is proportional to expfalse(−6rfalse)$\exp (-6r)$, and then the optimized accuracy of estimation can be enhanced nearly three orders with a controllable squeezing parameter r<1$r<1$. Moreover, this proposal is robust against the mechanical thermal noise, and the sensitivity of a specific measurement can reach to the order of 10−17normalTfalse(Hzfalse)−1${10}^{-17}\mathrm{T}{(\sqrt{\mathrm{Hz}})}^{-1}$ in the presence of dissipations and without ground state cooling of mechanical oscillator. The proposal fundamentally broadens the fields of quantum metrology and cavity optomechanics, with the potential application for on‐chip magnetic detection with high precision.