In this paper, we investigate the effect of a vertical magnetic field on thermal instability of an Oldroydian visco-elastic rotating fluid in a porous medium. By applying the normal mode analysis method, the dispersion relation governing the effects of rotation, magnetic field and medium permeability is derived and solved analytically and numerically. For the case of stationary convection, the Oldroydian viscoelastic fluid behaves like an ordinary Newtonian fluid and it is observed that rotation has a stabilizing effect while the magnetic field and medium permeability have a stabilizing/destabilizing effect under certain conditions on thermal instability of the Oldroydian viscoelastic fluid in a porous medium. The oscillatory modes are introduced due to the presence of rotation, the magnetic field and gravity field. It is also observed that the 'principle of exchange of stability' is invalid in the presence of rotation and the magnetic field.