The effects of the number of cycles of pulsed magnetic treatment and cutting conditions on the wear of high speed steel drills were measured. Pulsed magnetic treatment produced a drill life increase of 35.5% in tests with aggressive cutting conditions and a drill wear decrease of 10.0% in tests with mild cutting conditions. Numerical models of pulsed magnetic field–tool interactions showed that maximum effects are expected near the ends and surfaces of the drill. The drill temperature increase during magnetic treatment was 17°C and so the observed effects can be attributed to magnetic effects rather than thermal causes. The scientific contribution of the work is the clear demonstration that low strength magnetic fields can influence material behavior. This experimental result is bolstered by an analysis that describes the energy dissipated in interactions between a varying magnetic field and material behavior. The industrial implications are that low strength, easy to produce, and controlled magnetic fields can be used to improve mechanical properties and performance of manufactured products.