Processing metallic alloys under a static magnetic field (SMF) has garnered significant attention over the past few decades. SMFs can influence both the thermodynamics and kinetics of the solidification process by introducing extra force and energy. Eutectic-type alloys (ETAs) are commonly used as research materials under SMFs due to their featured microstructures. This review aims to present theoretical and experimental results regarding ETAs under SMFs, from post-analysis to in situ observation, to demonstrate the effects of magnetic phenomena such as magnetic braking, thermoelectric magnetic convection, magnetic gradient force, and magnetic energy on the thermodynamics and kinetics of microstructural evolution. In this paper, we adopt a hybrid approach between a review and an overview to comprehensively examine the effect of SMFs on the solidification process. Firstly, we provided a concise review of the historical research on the SMF’s impact on solidification in the literature. Next, we elucidated the basic physical principles of an SMF in material processing, followed by an introduction of numerous laboratory and industrial experiments that have utilized SMFs. Finally, we summarized the effects of SMFs on solidification in the past and provide insights into future research directions.