Given recent moves toward cleaner energy production, the application of environmentally friendly methods for enhanced oil recovery (EOR) is considered to be an important research strategy in increasing oil production from existing hydrocarbon reservoirs. Therefore, in this article, the application of a magnetic field is introduced for the first time as a novel and eco-friendly EOR technique for oil-wet carbonate reservoirs. The magnetic field is generated using three different magnet strengths of 3000, 4100, and 6000 Gauss (G). The impact of incremental increases in the magnetic field on oil production from Austin chalk is investigated through measurements of the contact angle (CA), rock compaction, spontaneous imbibition (SI) of water, and the monitoring of the rock surface streaming potential. Dynamic CA measurements on oil-wet chalk surfaces in the presence of a magnetic field show that the value of CA is reduced faster than when a magnetic field is absent, indicating a significant increase in water imbibition into rock pores. The results of SI tests reveal significantly greater oil production during the imbibition process in the presence of a magnetic field at about 8.5 times that from oil-wet chalk. Monitoring the streaming potential of the oil-wet rock surface in the presence and absence of a magnetic field indicates that a change in the surface potential charge is responsible for the change in wettability of the surface from oil-wet to water-wet, hence improving water imbibition into carbonate rock which, in turn, can improve the oil displacement from pores.