We present a detailed study of the quantum dissipative dynamics of a charged particle in a magnetic field. Our focus of attention is the effect of dissipation on the low-and high-temperature behavior of the specific heat at constant volume. After providing a brief overview of two distinct approaches to the statistical mechanics of dissipative quantum systems, viz., the ensemble approach of Gibbs and the quantum Brownian motion approach due to Einstein, we present exact analyses of the specific heat. While the low-temperature expressions for the specific heat, based on the two approaches, are in conformity with power-law temperature-dependence, predicted by the third law of thermodynamics, and the high-temperature expressions are in agreement with the classical equipartition theorem, there are surprising differences between the dependencies of the specific heat on different parameters in the theory, when calculations are done from these two distinct methods. In particular, we find puzzling influences of boundary-confinement and the bath-induced spectral cutoff frequency. Further, when it comes to the issue of approach to equilibrium, based on the Einstein method, the way the asymptotic limit (t → ∞) is taken, seems to assume significance.