Immiscible alloys possess broad industrial applications, but the presence of immiscible gaps makes them highly susceptible to the formation of segregated microstructures, thus, a new method for obtaining a uniform distribution of fine minor separated phases needs to be explored. The present work focuses on the evolution mechanism of a CuCo immiscible alloy with a core-shell microstructure during semi-solid isothermal processing under a high magnetic field. The results showed that the microstructure changes from the core-shell structure of the initial sample to homogeneous microstructure after semi-solid treatment, regardless of whether a magnetic field is applied. The mechanism of microstructure evolution of the alloy during semi-solid treatment was revealed through in-situ experiment, in which Ostwald ripening and coalescence mechanisms led to grain coarsening, grain boundary remelting caused grain dissociation, and ultimately the grains underwent spheroidization. However, as a high magnetic field was applied, the average radius of the Co-rich particles decreased, and the particles were aligned in the direction of the magnetic field, forming a chain-like microstructure due to dipole-dipole interactions between the grains. The CuCo immiscible alloy with a uniform microstructure after semi-solid treatment exhibited a higher microhardness and saturation magnetization. This study offers a novel perspective for designing immiscible alloys with homogeneous microstructures as well as chain-like microstructures by utilizing semi-solid treatment combined with a magnetic field.