Magnet is an unincorporated community in southeastern Wharton County, Texas, United States.

Circa 1907, the Taylor-Fowler Land Company of Oklahoma laid out a town on the Gulf, Colorado and Santa Fe Railway.

In 1911, Frank D. and Fred Fowler began selling 12,000 acres, promoting the area's rich soil.

[1] In 1925, the first producing oil well in Wharton County was drilled in the Boling Field near Iago.

[1] In 2004, the BNSF Railway applied to discontinue 20.89 miles (33.62 km) of the line from Bay City north to Cane Junction and then northeast to Newgulf, because there had been no rail traffic for two years.

[3] In 2012, Milagro Oil and Gas, Inc. drilled three successful wells in the Magnet Withers field.