The hydrodynamic, heat and mass transfer characteristics of a pressurized co-current gas-solid magnetically fluidized bed (MFB) were systematically investigated considering major influence factors, such as magnetic field strength, superficial gas velocity, and operating pressure. It was shown that this pressurized gas-solid MFB has the advantages of a wider operation range of the superficial gas velocity under bubble-free particulate fluidization, a larger bed voidage with smaller pressure drop across the bed, and larger heat transfer efficiency, compared with a conventional fluidized bed. Moreover, the minimum bubbling velocity, gas-solid mass, and heat transfer coefficients were correlated at high accuracy within the investigated range of operating conditions.