This study presents innovative results on a nonlinear dynamic model of a ferromagnetic-viscoelastic nanotube (FVN) whose dissipation effects are captured by material behavior with a linear dissipation law operating in a nonlinear geometric regime. It investigates a possible system derived from a Kelvin–Voigt type dissipation model that describes internal viscoelastic damping in the form of a parallel spring and a dashpot. In addition, a class of losses by linear viscous media in local and nonlocal damping is presented in the modeling. Magnetic load effects are studied using axial rod theory regardless of rotational inertia and shear effects. The governing equation is derived by Hamilton's principle for the FVN subjected to a transverse magnetic field resting on a nonlinear elastic foundation with viscose effects. Formulas have been developed to obtain the nonlinear damping characteristics of a single-walled nanotube. Then, multiple scale method (MSM)-based solutions and Eringen elasticity theory are applied to demonstrate the aforementioned effects on a narrow clamped-clamped (CC) nanotube in detail. The approximate analytical solution is verified by numerical integration methods and a good agreement between the approximate analytical and numerical results is observed. The effect of all important parameters such as local and nonlocal viscosity damping, nonlinear damping coefficient, linear and nonlinear stiffness of the elastic medium due to changes in amplitude vibration of the magnetic field (AVMF) and displacement responses (DR) have been investigated. The original research proposed in this paper may enable the systematic study of nonlinear damping in nanomechanical oscillators, which may help to reveal the underlying physical mechanism.