This work concerns an in situ study of the isothermal formation of martensite in a stainless steel under the influence of magnetic fields up to 9 T at three different temperatures (213, 233 and 253 K). It is shown that the presence of a constant applied magnetic field promotes the formation of martensite significantly. The activation energy for the nucleation of martensite has been derived using a semi-empirical kinetic model. The experimental results have been analyzed using the Ghosh and Olson model. While this model describes the time and field dependences of the experimental data well, the thermal frictional energy and the defect size values are much lower than those expected from earlier work.