The current study investigates the use of magnetic field-assisted EDM (MFA-EDM) to improve machining performance, specifically for 316L stainless steel that has major issues like low material removal rate, high electrode wear rate and high EWR ratio. Taguchi method (L18 array) and ANOVA add statistical rigor to work by predicting the ideal machining settings for MFA-EDM. Employing magnetic field (MF) on EDM is a novel approach which results in better debris flow due to magnetic forces and next spark occurs quickly. A precise next spark not only avoids chances of damaging the discharge area and excessive electrode wear but it also helps in even discharge in the machining gap which results in even melting and easy debris flow. It has been observed that presence of a MF resulted in better MRR at 8A current and 25 V voltage machine setting. Presence of magnetic field resulted in very less debris deposition in discharge area and improves chances of occurrence of next controlled spark which reduces electrode Wear Rate (EWR) even at same voltage and current machine setting. In addition, when same experimentation is done without MF assistance, following results have been observed, 0.614 mg/s i.e. with MF MRR increased by 30.5%; EWR observed as 1.145 mg/s without MF i.e. approx. 25% less EWR have been observed with addition of MF; without MF assistance, EWR ratio have been observed as 0.716 i.e. approx. 11% lesser EW ratio have been observed with addition of MF.