Mount Magnet is one of the Mid West region’s original gold mining towns, and the longest surviving gold mining settlement in Western Australia. The prominent hill that is adjacent to the current townsite was called West Mount Magnet in 1854 by explorer Robert Austin, having named a smaller hill 64 km away, East Mount Magnet (now called Carron Hill). Both hills had an extremely high iron content which affected the readings of his compass. The magnetic variation at Mount Magnet is zero: magnetic north equals true north. In the 2011 census, Mount Magnet had a population of 532.During spring (September to November) the area attracts tourists viewing the natural display of everlasting flowers that can stretch for kilometres in all directions.

Being 6 hours drive from Perth makes it a comfortable day's journey for vehicles heading further north to places like Mount Augustus and Port Hedland. Mount Magnet is a 3.5 hour drive east of Geraldton. Geraldton is a 1 hour flight from Perth.