To improve the detection performance of fiber optic magnetic field sensors a new photonic crystal fiber (PCF) based on surface plasmon resonance (SPR) was designed and investigated. The designed sensor uses an elliptical detection channel, and the modal transmission characteristics and magnetic field sensing characteristics of this fiber optic sensor are analyzed using the full vector finite element method (FVFEM). In addition, the effect of the detection channel on the detection accuracy at different curvatures was investigated. Compared with previous optical fiber magnetic field (MF) sensors, the designed sensor meets the requirements of both refractive index (RI) and MF measurements, and the MF sensitivity, RI sensitivity, and amplitude sensitivity (AS) of the sensor reach 0.739 nm/Oe, 12043.8 nm/RIU, and 754.88RIU−1, respectively. The designed sensor expands the application range of optical fiber sensors and reduces the cost. It has great potential for application in complex environments.