The introduction of external magnetic field has recently emerged as a great promising strategy for largely enhancing the efficiency of the electrocatalytic system, but it lacks a systematic understanding of the underlying mechanisms. This review is aimed at fully illuminating the recent research progress on magnetic field‐enhanced electrocatalysis via the combination of theoretical calculation and experiment results. The account begins by introducing basic systems employed for magnetic field generation, and then possible mechanisms for this magnetoelectric effect, including those associated with Lorentz and Kelvin forces, and magnetothermal, magnetohydrodynamic, spin selectivity, and Maxwell stress effects. Next, studies in which magnetic fields are utilized to enhance performances of a variety of electrocatalytic reactions are discussed in detail. Finally, a perspective of challenges and opportunities facing future research in this area is given.