To study the effects of pulsed magnetic fields of different intensities on the dislocation density, residual stress, and hardness of Cr4Mo4V steel, magnetic treatment is conducted at 0, 1.0, 1.3, 1.5, 2.0, and 2.5 T. The dislocation density and residual stress are measured using Electron Backscatter Diffraction (EBSD) and X-ray technique, respectively. The results reveal the dislocation density and compressive residual stress decrease at lower magnetic fields such as 1.0 T and 1.3 T, while they increase at higher magnetic fields such as 2.0 T and 2.5 T. The average value of kernel averaged misorientation (KAM) and compressive residual stress decrease about 10.4% and 15.8%, respectively, at 1.0 T, while they increase about 5.88% and 18.2%, respectively, at 2.5 T. The average value of hardness decreases about 3.5% at 1.0 T, from 817 HV to 787 HV. With the increments of intensities, the hardness of the treated samples increases. The hardness essentially remains unchanged at 2.0 T and 2.5 T. The reason for the dislocation motion under the action of pulsed magnetic fields is discussed.