Several methods have been developed in order to improve the traditional machining processes and machining outputs. In this study, the effect of the magnetic field on the turning process was investigated. AISI-4140 was machined with different cutting speeds and magnetic flux density magnitudes. The magnetic field was generated with neodymium magnets. Machining stability, surface roughness, and maximum cutting temperature were measured. Additionally, chip shapes were examined. The machining stability was determined by measuring the vibration amplitude and other vibrational parameters (natural frequency, stiffness, and damping coefficients). Conventional turning and magnetic assisted turning were performed under the same cutting parameters consecutively, and the results were compared. According to the results, it was observed that neodymium magnets attached to the cutting tool improve machining stability and damping properties. Surface roughness was decreased between 6%-10% in magnetic assisted turning. Furthermore, it has been observed that the maximum cutting temperatures have been increased between 10%-45% in the magnetic assisted machining. Besides, it can be said that magnets contribute to improving chip control by collecting the chips on them while machining AISI-4140 steel.