The current investigation is centered on the thermal decomposition (700 degrees C) of acetyl acetonates of Ni, Co, and Fe in a closed reactor that was conducted by employing an external magnetic field (MF) of 10 T. Interestingly, reactions of Co and Ni acetyl acetonates under a 10 T MF produce Co and Ni nanoparticles (NPs) coated with carbon, while Fe acetyl acetonate produces Fe3O4 uncoated with carbon. Additionally, it is observed that all the as-formed magnetic particles tend to align in one dimension along applied MF; thus, this process can be used to fabricate large arrays of magnetic nanoparticles. The effect of an applied MF to synthesize morphologically and compositionally different products from corresponding precursors with their mesoscopic organization is the key theme of the present paper, explained with a plausible mechanism.