Electrocatalysis has received a great deal of interest in recent decades as a possible energy‐conversion technology involving a variety of chemical processes. External magnetic field application is a powerful method for improving electrocatalytic performance that is customizable and compatible with existing electrocatalytic devices. In addition, magnetic fields can assist in catalyst synthesis and act on the catalytic reaction process. This paper systematically reviews the most recent developments in magnetic field‐assisted electrocatalytic enhancement technology. The enhancement of electrocatalysis by a magnetic field is mainly represented in the three features listed below: The spin selectivity effect improves the activity of the catalyst in a magnetic field; furthermore, magnetic fields can improve mass transport and electron transport in catalytic processes (due to Lorentz forces, Kelvin forces, magnetohydrodynamic [MHD], and micro‐MHD); the magnetothermal effect may raise the reaction temperature and boost electrocatalytic activity. This review focuses on the rational design of catalytic systems incorporating the interaction between catalysts and magnetic fields, aiming to produce enhanced catalytic effects. The recommendations for further utilization of strategies for electrocatalysis and broader energy technologies for magnetic fields, as well as potential challenges for future research, are also discussed.