The use of HZSM-5 and modified catalysts for the pyrolysis of lignin to produce aromatics has been extensively investigated. But certain limitations including catalyst deactivation and high-cost modifications still exist. A magnetic field (MF) was used to assist Fe and HZSM-5 catalytic lignin pyrolysis for aromatics production in this study. Product composition analysis revealed that the monocyclic aromatic hydrocarbon (MAH) and benzene, toluene, ethylbenzene, and xylene (BTEX) contents exhibited an upward trend in correlation with the MF intensity. The introduction of a MF significantly affects the improvement of the BTEX yield. Under the conditions of 80 mT MF intensity, 500 °C temperature and 50 mL min⁻¹ carrier gas flow rate, the MAH and BTEX contents reach 32.94% and 27.19%, while the BTEX yield reaches roughly 19.55 mg g⁻¹. Compared to no MF, these values rose by about 1.28, 1.36, and 1.94 times, respectively. Characterization results from XRD, XPS, TPO, N₂ adsorption–desorption, and NH₃–TPD tests showed that the MF facilitated the deoxidation and fragmentation of macromolecular oxygenates on the surface of Fe, promoting the ingress of smaller molecular compounds into the pores of HZSM-5 and boosting MAH production. Simultaneously, the MF impeded pore blockage in HZSM-5 and kept acidic sites from deactivating due to carbon deposition. This study lays a crucial groundwork for improving advanced technologies aimed at optimizing the utilization of organic solid waste.