Microalgae produce increased lipid content accompanied by a significant decrease in cell density with decreasing nitrate concentration. Magnetic fields (MF) have been reported as a factor that could accelerate metabolism and growth in microalgae culture. Thus, this study aimed to optimize the influence of MF and nitrate concentration (sodium nitrate, N) on the growth and lipid productivity of Nannochloropsis oculata. A single-factor experiment integrated with response surface methodology (RSM) via central composite design (CCD) was performed. The results showed that the maximum specific growth rate (0.24 d) and maximum lipid productivity (38 mg L d) obtained in this study were higher than those of the control culture (by 166% and 103%, respectively). This study also found that the two-way interaction term MF × N had a significant effect on cell growth but not on lipid production. It was concluded that to design appropriate MF for enhanced lipid productivity due to cell growth, further research must focus on developing an understanding of the relationship between the bioeffects of the magnetic field and the proteomic changes involved in lipid accumulation strategies. This approach would enable the design of conditions to obtain inexpensive high-value products from N. oculata.