Biocides are used to prevent microbiologically influenced corrosion (MIC), which damages and disables metal structures. However, biocides can make microorganisms resistant and contaminate the environment. Some studies have found that magnetic fields have an inhibitory effect on MIC, providing a new way of thinking for MIC control. In this paper, the current research status of MIC is discussed for typical anaerobic sulfate-reducing bacteria (SRB), the MIC of different metals in different environments is summarized, and the corrosion mechanism of SRB on metal structures, including cathodic depolarization and metabolite corrosion, is introduced. On this basis, the research progress of metal corrosion under magnetic field and microbial conditions in recent years is summarized, and discussed from three aspects, namely, electrochemical corrosion, SCC, and microbial corrosion, respectively. The corrosion process of microorganisms on metals in magnetic field is summarized, including biofilm theory, ion interference theory, free radical theory, and so on. Finally, the prevention and control of microbial corrosion by magnetic fields are prospected using the relevant mechanisms of magnetic field corrosion on metals.