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This article describes the results of an analytical and experimental study of the effect of magnetic fields on the stress intensity factors in a soft ferromagnetic strip under uniaxial tension. The linear magneto-elastic problem for a soft ferromagnetic strip with a single-edge crack is analyzed. Fourier transform techniques are used to formulate the mixed boundary value problem as a singular integral equation. The stress intensity factors are obtained for several values of material and geometrical parameters, and magnetic field. Static experiments are also conducted on nickel–iron soft magnetic materials with a single-edge cracked plate specimen geometry in the bore of a superconducting magnet at room temperature. A strain gauge method is employed in experiments to determine the stress intensity factor. A comparison of the stress intensity factor is made between theory and experiment, and the agreement is good for the magnetic field considered.