The application of nanofluids in the presence of a magnetic field holds promise for advanced drug delivery systems, where controlled manipulation of magnetic nanoparticles within nanofluids can enhance targeted and localized drug delivery. This study explores the instability of a viscous fluid-nanofluid interface arranged in a planar configuration influenced by a tangential magnetic field using the irrotational flow theory. When the nanofluid is positioned above a viscous fluid, the interface is susceptible to the Rayleigh-Taylor instability. Employing linear stability theory, an explicit relationship connecting the perturbation growth parameter with the wavenumber is derived. Different dimensionless quantities such as the Atwood number, Weber number, Froude number, and Reynolds number are analyzed using stability plots. These plots provide valuable information about the behavior of interfaces. Increased magnetic field strength is observed to delay instability onset. Surface tension is found to stabilize the interface, whereas inertial forces destabilize it. This investigation contributes to understanding and controlling the interface dynamics in nanofluid systems.