We present exact results on the partition function of the q-state Potts model on various families of graphs G in a generalized external magnetic field that favors or disfavors spin values in a subset I s = {1, ..., s} of the total set of possible spin values, Z (G, q, s, v, w), where v and w are temperature-and field-dependent Boltzmann variables. We remark on differences in thermodynamic behavior between our model with a generalized external magnetic field and the Potts model with a conventional magnetic field that favors or disfavors a single spin value. Exact results are also given for the interesting special case of the zero-temperature Potts antiferromagnet, corresponding to a set-weighted chromatic polynomial P h(G, q, s, w) that counts the number of colorings of the vertices of G subject to the condition that colors of adjacent vertices are different, with a weighting w that favors or disfavors colors in the interval I s . We derive powerful new upper and lower bounds on Z (G, q, s, v, w) for the ferromagnetic case in terms of zero-field Potts partition functions with certain transformed arguments. We also prove general inequalities for Z (G, q, s, v, w) on different families of tree graphs. As part of our analysis, we elucidate how the field-dependent Potts partition function and weighted-set chromatic polynomial distinguish, respectively, between Tutte-equivalent and chromatically equivalent pairs of graphs.