ABSTRACTOn the basis of the Shliomis ferromagnetic fluid model, this paper is mainly concerned with the influences of convective fluid inertia forces in magnetic fluid‐based conical squeeze film plates in the presence of external magnetic fields. By applying the averaged momentum principle, a lubrication equation governing the film pressure is derived. Some previous contributions can be obtained from special cases of the present studies. Comparing with the non‐inertia non‐magnetic case, better squeeze film performances are predicted for the magnetic fluid‐based conical plates operating with a larger value of the inertial parameter of fluid inertia forces, the volume concentration of ferrite particles and the strength of applied magnetic fields. Some numerical results with specific cone angles are also provided in tables for engineering applications. Copyright © 2012 John Wiley & Sons, Ltd.