This study deals with the attitude motion of small magnetic axisymmetric satellites in near-equatorial circular low Earth orbits/very low Earth orbits subjected to the joint action of the environmental torques, namely, aerodynamic, gravitational, and magnetic. It is shown that if the satellite has only a longitudinal component of the intrinsic magnetic moment, it is convenient to separate the attitude motion into the unperturbed motion and the perturbations from the nonpotential components of the considered torques. The bifurcation analysis of the critical points of the unperturbed dynamic potential demonstrates the influence of the main system parameters on their existence and stability and provides an intuitive understanding of the possible regimes of attitude motion. Numerical simulations show that, in addition to regular attitude motion of the considered satellites, chaotic regimes are also possible.