The effects and mechanism of magnetized kerosene on the flotation behaviors of molybdenite were studied by micro-flotation, ultraviolet spectrum, infrared spectrum, surface tension, and liquid viscosity. According to the results of micro-flotation, magnetized kerosene improved the flotation recovery of molybdenite, and the improvements were more obvious with smaller molybdenite particles. Spectral analysis showed that the magnetization did not change the chemical composition of kerosene, but transformed the linear aliphatic hydrocarbons in kerosene into linear isomers and reduced the lengths of the carbon chains. Moreover, the magnetization reduced the viscosity of kerosene and oil/water interfacial tension, and improved the dispersion of kerosene in the pulp. The external magnetic field transformed the disorder of the additional magnetic moment in the kerosene molecules into order, and reduced the compactness of the kerosene molecules. The experimental results provided a theoretical explanation for the role of magnetization in mineral flotation.