In this communication, blood flow is considered in a two-phase model of the tapered stenosed artery. Non-Newtonian and Newtonian models are considered in inner and outer regions, respectively. The transverse magnetic field is applied externally on the presumed pulsatile flow of blood to examine the nature of blood flow. It is anticipated that, in the inner region, blood follows the Jeffrey fluid model, and in the outer region, it follows the Bingham Plastic fluid model. The mathematical model of this system is formulated, a non-dimensionalization technique is used, and a numerical solution is obtained using the Finite difference method, one of the most suitable numerical methods for the formulated problem. The expressions for the primary/fundamental characteristics in determining the effect of blood flow are developed to explore the consequence of hematocrit, time component, tapering angle, and magnetic field. Scilab software is employed for mathematical simulations, revealing that flow characteristics within a stenosed artery undergo significant alterations, while the presence of a magnetic field aids in partially regulating the flow characteristics.