The present paper presents a study on the performance of electrical discharge machining (EDM) assisted by magnetic field for armoured steel (HV500). Response surface methodology (RSM) has been utilized to model, analyze and determine the optimal parameters setting in the EDM process assisted by magnetic field. The process performance criteria such as; material removal rate (MRR), tool wear rate (TWR), were evaluated. Peak current, magnetic flux density, duty factor, and dielectric fluid pressure have been considered the main factors affecting EDM assisted by magnetic field performance. RSM was employed to develop the experimental models. The EDM process assisted by magnetic field process has proved its adequacy to machine armoured steel alloy under acceptable metal removal rate and minimum tool wear rate. The metal removal rate generally increases with the increase of the magnetic flux density and peak current value. The effect of duty factor was limited and dielectric fluid pressure has a moderate effect.  Further, the minimum tool wear rate has been obtained at the parametric combination of higher magnetic flux density and higher duty factor when machined by EDM assisted by magnetic field with copper electrodes. It has also been clarified that the effect of magnetic flux density was limited on metal removal rate with graphite electrodes. It has also been found that the minimum tool wear rate was obtained at the parametric combination of higher magnetic flux density, higher peak current and lower duty factor, when machined by EDM assisted by magnetic field, with graphite electrodes.