In this study, an alternating magnetic field is applied in the narrow-gap laser-MIG hybrid welding of 2205 duplex stainless steel with a thickness of 25 mm to achieve the purpose of balancing the ration of the two phases, refining the grains and improving the corrosion resistance. With the help of OM, EBSD, TEM, and other microstructural analysis methods, the organization evolution of a 2205 duplex stainless steel narrow-gap laser arc hybrid weld under the effect of alternating magnetic field is revealed. The corrosion resistance of the welded joints is investigated by electrochemical tests. The results show that the use of a 40 mT applied alternating magnetic field can not only effectively inhibit the generation of porosity and unfused defects in the weld, but also that the addition of an alternating magnetic field improves the ratio of austenite to ferrite in the weld, and the ratio of the two phases is increased from 0.657 without a magnetic field to 0.850. The weld grain preferential orientation is affected by the magnetic field, and the weld austenite grains are shifted from the Goss texture to the Copper texture. Under the electromagnetic stirring effect of the applied magnetic field, the average austenite grain size decreased from 4.15 μm to 3.82 μm, and the average ferrite grain size decreased from 4.99 μm to 4.08 μm. In addition, the effect of the alternating magnetic field increases the density of twins in the organization. Electrochemical test results show that the addition of an alternating magnetic field increases the corrosion potential by 75.2 mV and the pitting potential by 134.5 mV, which indicates that the corrosion resistance of the cover-welded specimens is improved by the effect of an alternating magnetic field. The improvement in corrosion resistance mainly depends on the austenite grain refinement and the increase in the austenite content.