Research status on stress quantitative evaluation using metal magnetic memory method is summarized. The relationship between magnetic memory principle and magnetomechanical effect theory, and the relationship between stress-induced magnetization reversal phenomenon and “law of approach” are analyzed, respectively. Magnetic memory effect is stress-magnetic effect in steady weak magnetic field excitation, consistent with the relevant descriptions and conclusions of magneticmechanical effect theory. The factors that the non-linear relationship of stress-magnetization in weak magnetic field excitation and the testing results susceptible to numerous interference factors bring substantial difficulties for stress quantitative evaluation. The complex relationship between microscopic defects and magnetic field aberration in plastic stage of ferromagnetic material, and the rapid and effective identification of abnormal magnetic signal under the combined effect of stress concentration and damage should be focused on in the future.