The aim of the present research was to study the effect of magnetic field on the layer of electrically conducting couple-stress fluid heated from below in porous medium. Following the linearized stability theory, Boussinesq approximation and normal mode analysis, the dispersion relation is obtained. The stationary convection, stability of the system and oscillatory modes are discussed. For the case of stationary convection, it is found that the couple-stress parameter and magnetic field have stabilizing effect on the system whereas the medium permeability has a destabilizing effect on the system. The magnetic field introduces oscillatory modes in the system which was non-existent in its absence. A sufficient condition for the non-existent of overstability is also obtained.