In the current article, a combination of the differential transform method (DTM) and Padé approximation method are implemented to solve a system of nonlinear differential equations modelling the flow of a Newtonian magnetic lubricant squeeze film with magnetic induction effects incorporated. Solutions for the transformed radial and tangential momentum as well as solutions for the radial and tangential induced magnetic field conservation equations are determined. The DTM-Padé combined method is observed to demonstrate excellent convergence, stability and versatility in simulating the magnetic squeeze film problem. The effects of involved parameters, i.e. squeeze Reynolds number (N
1), dimensionless axial magnetic force strength parameter (N
2), dimensionless tangential magnetic force strength parameter (N
3), and magnetic Reynolds number (Re
m) are illustrated graphically and discussed in detail. Applications of the study include automotive magneto-rheological shock absorbers, novel aircraft landing gear systems and biological prosthetics.