Precise measurements of local magnetic fields have been obtained with a differentially connected array of three proton magnetometers in the Long Valley caldera region since 1984. Two magnetometers are located inside the caldera with a third reference magnetometer located 26km southeast of the caldera. After correction for secular variation, it is apparent that an anomalous 2 nT decrease in the magnetic field occurred from mid‐1989 to mid‐1990 at the magnetometer located closest to the center of the resurgent dome inside the caldera. During this period a significant increase in geodetic strain rate of 8.5 ppm/a was observed on the two‐color geodimeter network within the caldera from October, 1989, to mid‐1990 and a dramatic increase in seismic activity occurred from December, 1989 to July, 1990. A simple dilatational point‐source model with pressure increasing by 52 Mpa from October 1989 to August 1990 at a depth of about 7km beneath the center of the resurgent dome can be fit to the strain data. If this same model is used to calculate piezomagnetic fields in the caldera, the results obtained agree with the observed local magnetic field data provided the Curie point isotherm is at a depth of ≤5km. Taken together, these magnetic, seismic and geodetic data suggest that an episode of active magmatic intrusion occurred from late 1989 to mid‐1990 at a depth of about 7–8km beneath the resurgent dome within the Long Valley caldera. Other indications of this intrusion should be evident in measurements of leveling, local gravity, and seismic imaging data.