A 12-Tesla magnetic field was applied during the transformation from austenite to ferrite and then pearlite in a medium plain carbon steel at two different cooling rates. Results show that when cooling is slow, the magnetic field shows an effect of promoting proeutectoid ferrite grains to grow along the field direction that results in an elongated grain microstructure. However, when cooling is fast, the magnetic field mainly shows an effect of reducing the amount of low angle misorientations and increasing the amount of CSL boundaries. In addition, the magnetic field exhibits a slight enhancement of the < 001 > texture component in the direction that is perpendicular to the field direction (TFD).