Nesmith formed the backing group "The First National Band" and gave them billing on both the cover and label of the record.

Although Nesmith was attempting to distance himself from the Monkees during this time, he did dedicate the album to Bert Schneider, David, Micky, and Peter (as well as to Lester Sill).

[5] Magnetic South was only a moderate commercial success, but the album did succeed in reinventing Nesmith and helped somewhat in escaping his image as a Monkee.

Nesmith recalls how others seeing a former Monkee decked out in a Nudie suit with a steel player in tow must have been laughable to seasoned Country devotees, such as Parsons.

Allmusic stated in their review "Mixing a country sound with a rocker's instincts and blending airy thoughts on the nature of life and love with iconography of life in the West that brought together the old and the new, Michael Nesmith reveled in contradictions on Magnetic South, making them sound as comfortable as well-worn cowboy boots and as fun as a Saturday night barn dance.