Laser processing techniques play a crucial role in precision manufacturing; however, laser microhole fabrication still faces several challenges, such as the impact of plasma shielding effects on processing efficiency and quality. Magnetic field-assisted laser processing has attracted significant attention in recent years. The principle behind this technique is the use of magnetic fields to constrain the expansion of plasma, thereby enhancing processing efficiency and quality. Previous studies have shown that static magnetic fields can significantly increase processing depth, whereas dynamic magnetic fields can improve the circularity of hole entrances. Additionally, the combination of magnetic fields with other techniques, such as ultrasonic waves, has demonstrated positive effects. In the future, this technique is expected to be further developed through in-depth studies of its micromechanisms and integration with artificial intelligence, thereby expanding its application areas and driving the advancement of precision manufacturing.