The effects of magnetic field on nucleation barrier of the phase transformation from austenite to ferrite at different cooling rates in 42CrMo steel have been investigated. The microstructures of ferrite and pearlite aligned along the magnetic field direction (parallel to the hot-rolling direction) are obtained at a cooling rate of 10°C/min, resulting from the kinetic effects of the applied magnetic field during cooling and the microstructural influences of an inhomogeneous deformation occurring during the previous hot rolling. In this case, the formation of ferrite grains at higher temperatures is attributed mainly to the preferential nucleation at austenite boundaries. However, a fairly uniform microstructure of randomly distributed ferrite and pearlite is formed at a high cooling rate of 46°C/min in the magnetic field of 14T, as a result of both intergranular and intragranular nucleation at relatively low temperatures. Probing into this issue is helpful to gain a better understanding of kinetic influences of magnetic field on the phase transformation from austenite to ferrite.