During manufacturing of high-quality composite laminates, an elevated pressure is often applied over the laminate to increase the fiber content, reduce process-induced defects, and achieve enhanced interlaminar consolidation. In processes involving a vacuum bag, such as wet lay-up molding and vacuum assisted resin transfer molding, the consolidation pressure is limited to atmospheric pressure (i.e. 0.1 MPa) generated by the vacuum. On the other hand, autoclaves may utilize a higher consolidation pressure of 0.3 to 0.7 MPa to manufacture higher quality laminates. Development of alternative manufacturing methods that can apply sufficiently high pressures out of an autoclave is particularly important in manufacturing high-quality composite laminates at a lower cost. This paper demonstrates the feasibility of using permanent magnets in achieving high consolidation pressures, up to 0.8 MPa, during fabrication of composite laminates in vacuum bag processes. Towards this goal, first, a brief description of wet lay-up vacuum bag (WLVB) and vacuum assisted resin transfer molding (VARTM) processes, and then the application of magnetic pressure on the laminates during cure were presented. Finally, the effects of magnetic pressure on the microstructure, mechanical properties, and overall quality of cured laminates are discussed. Specific examples are given for random mat E-glass/epoxy laminates fabricated by: (i) conventional WLVB, (ii) WLVB with magnetic compaction, (iii) conventional VARTM, and (iv) VARTM with magnetic compaction. The specific flexural properties of the laminates are shown to improve substantially, primarily due to increase in fiber content. For example, the specific flexural strength and modulus of the WLVB laminates made under magnetic compaction increased by 43% to 170.1 MPa/g cm-3 and 30% to 6.6 GPa/g cm-3, respectively. Similarly, the specific flexural strength and modulus of VARTM laminates improved by 23% to 186.2 MPa/g cm-3 and 34% to 8.2 GPa/g cm-3.