A surface plasmon resonance (SPR) based sensor using a negative curvature circular side-polished photonic crystal fiber was proposed. The sensor’s sensitivity was analyzed using the finite element method. The impact of structural parameters was investigated. The sensor exhibits an average wavelength sensitivity (WS) of 7846 nm/RIU in the refractive index range of 1.370–1.396 and 2350 nm/RIU in the range of 1.330–1.370, with maximum WS of 46000 nm/RIU. For refractive index and magnetic field dual-parameter sensing, the simultaneously obtained magnetic field sensitivity is 0.84 nm/mT. The proposed SPR sensor demonstrates remarkable sensitivity, making it suitable for refractive index and magnetic field sensing applications.