An external magnetic field was used to improve the keyhole stability in full penetration laser welding 316L steel. The increase of magnetic field strength gave rise to a shorter flying time of the spatter, a weaker size and brightness of the spatter, and a larger spreading area of vapor plume. This suggested that the dynamic behavior of the keyhole was stabilized by the external magnetic field. In addition, a stronger magnetic field could result in a more homogeneous distribution of laser energy, which increased the width of the weld zone, and the height of the bottom weld zone from 381 μm (0 mT) to 605 μm (50 mT). Dendrite and cellular crystal near the weld center disappeared, and grain size was refined. The external magnetic field was beneficial to the keyhole stability and improved the joint quality, because the weld pool was stirred by a Lorentz force resulting from the coupling effect of the magnetic field and inner thermocurrent.