An exact solution of the problem on the propagation of a cylindrical shock wave in a rotating perfect gas with an axial magnetic field in the case of an isothermal flow is obtained. The initial density, magnetic field strength, and the initial angular velocity in the ambient medium are assumed to vary according to the power law. An exact similarity solution obtained by the McVittie method for an isothermal flow in a rotating gas is first reported. Similarity transformations are used to transform a system of partial differential equations into a system of ordinary differential equations, and then the product solution of McVittie is used to obtain the exact solution. The effects of the values of the gas specific heat ratio, rotational parameter, and of the strength of the initial magnetic field are discussed. It is shown that the shock velocity increases and the shock strength decreases with increase in the values of these parameters. The effect of variation in the value of the initial density index is also studied. The obtained solutions show that the radial fluid velocity, density, pressure, and the magnetic field strength tend to zero as the axis of symmetry is approached.