The mechanism of ionization of an H atom interacting with intense laser electric fields is altered when a strong, oscillating magnetic field is applied along a direction parallel to the laser field. In this first study, these two strongly nonperturbative situations have been combined together and the corresponding time‐dependent (TD) Schrödinger equation has been numerically solved without using any basis set. The electric field arising out of the magnetic field and the magnetic field arising out of the laser electric field are found to be negligibly small, thereby not affecting the results. There are two main, apparently counter‐intuitive results from this study of parallel fields of the same frequency but different field strengths: (1) In presence of an oscillating magnetic field, the ionization rate due to the laser field diminishes, and (2) increasing the laser intensity, keeping the magnetic field strength the same, makes the electron density ionize with a lesser rate, in contrast to the situation with intense lasers in the absence of a strong TD magnetic field. © 2015 Wiley Periodicals, Inc.