The flowability of waxy crude oil is poor at normal temperatures, resulting in serious flow assurance issues. This affects the economical and safe operation of crude oil pipelines. Magnetic treatment technology is an effective method to improve the flowability of waxy crude oil, which is in line with the current green and low-carbon development requirements. The research progress of waxy crude oil viscosity reduction technology by magnetic treatment was investigated here. The methods used by domestic and foreign researchers to explore the viscosity variation law of waxy crude oil after using magnetic treatment were summarized. The characteristics of relevant experimental devices were explained. The viscosity reduction effect and time-dependence of the magnetic treatment of waxy crude oil were analyzed. The impacts of influencing factors, such as crude oil composition and magnetic treatment conditions, on the viscosity reduction effect and time-dependence of waxy crude oil after magnetic treatment were investigated. The current research progress of the viscosity reduction mechanism of waxy crude oil by magnetic treatment was described. The existing quantitative prediction models of viscosity reduction effect were compared and evaluated. In view of the problems existing in the existing problems of waxy crude oil viscosity reduction technology by magnetic treatment, the research direction of the technology has been prospected.