Rationally designing of highly efficient electrocatalysts is critical to improving hydrogen production by water electrolysis. However, bottlenecks still require consideration when optimizing the intrinsic performance of electrocatalysts. Applying appropriate external fields to catalytic systems may effectively overcome such bottlenecks and enhance the performance of catalysts. Among various external fields, the magnetic field has received extensive attention owing to its multifunctionality, non‐contact nature, and non‐invasiveness, thereby requiring more research and development. In this review, recent advances in magnetic field‐assisted water electrolysis are systematically outlined. Firstly, the diverse methods used for pre‐regulating catalysts under magnetic fields, including optimized nucleation, induction heating, and directed growth, are discussed. It then explores the effects of magnetic fields on electrochemical processes, including magnetothermal, magnetohydrodynamic, and induced electric impact. Then, the influences of magnetic fields on the intrinsic properties of catalysts, such as spin polarization and spin reconstruction effects, are addressed. Finally, a discussion of the potential perspectives of magnetic field‐enhanced water splitting, including catalyst design, experimental precision, and in situ characterization, are then provided to guide further research.