This paper presents the external loading effects on an ultrasonic guided wave (GW) magnetostrictive sensor using a nickel disk patch permanently attached to a thin metallic waveguide plate. The circular magnetostrictive patch transducer (CMPT) consists of the surface-bonded nickel patch and a detachable magnetic circuit device enclosing a ring-shaped sensing coil and cylindrical biasing magnets. Various compressive and tensile stresses were applied to the nickel patch on account of the buckling response of the plate structure. Strain gauges attached to the nickel patch, a Hall effect sensing device, and a laser displacement sensor were utilized to verify the in-plane deformation and the corresponding magnetic flux density change of the nickel patch and the plate's central deflection, respectively, under various external loading conditions of the plate. Several PZT wafers also mounted to the plate were individually used to generate a 30 kHz toneburst GW, which is less sensitive to local stiffness changes of the plate due to the buckling mode. The external loading effects on the CMPT were determined by evaluating the peak-to-peak amplitude variation of the direct arrival waveform of the GW signals acquired by the PZT and CMPT sensor networks. The experimental results demonstrate that the external load applied to the waveguide structure induces compressive and tensile stresses in the nickel patch, leading to distorted GW sensing performance and the directional pattern of the CMPT. Although the presented CMPT has an omnidirectional sensing profile due to its design configuration, the planar-stressed CMPT exhibits a specific directional sensing performance as a result of the stress-induced anisotropic magnetostriction of the nickel disk patch.