Magnolia is a village in Putnam County, Illinois, United States.

Magnolia is the oldest village in Putnam County, originally settled in the 1830s by William Hawes.

This made room for the Magnolia days events that take place in August every year.

In 1964, Magnolia joined the newly created school district, Putnam County, which consolidated the school districts of Magnolia Swaney (communities of Magnolia and McNabb), Hennepin (town of Hennepin), and Hopkins Township High School (communities of Granville, Standard, and Mark).

Magnolia has a long heritage of military tradition and strong following through the American Legion.

Magnolia is a predominantly agricultural community with no industry; the majority of employees work for local farmers, are union contractors, or travel to nearby towns for employment.