In this paper, we propose a stabilized finite volume method based on the Newton's type iteration for the steady incompressible magnetohydrodynamics (MHD) problem. In order to reduce the computational complexity, the lowest order mixed finite element pair ( ‐ ‐ ) is adopted to approximate the velocity, pressure and magnetic fields, and the multiscale enrichment method is introduced to overcome the restriction of discrete inf‐sup (LBB) condition. We firstly solve the incompressible MHD equations by the Newton iterations on a coarse mesh with the mesh size , stability and convergence results of numerical solutions are provided. Secondly, the combination of the two‐level method with the Newton iteration is used to approximate the considered problem, a coupled nonlinear problem is solved on the coarse mesh , then the Stokes and Maxwell equations are considered on a fine mesh with the mesh size , the uniform stability and optimal error estimates of two‐level Newton iterative method are provided. Theoretical findings show that the two‐level method has the same order as the one‐level method in ‐norm as long as the mesh sizes satisfy . However, the two‐level method involves much less work than the one‐level method. Finally, some numerical examples are presented to demonstrate the effectiveness of the considered numerical schemes.