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A member of the McLaren Young Driver Programme since 2010, Magnussen signed with McLaren in 2014 to partner Jenson Button. He finished second on his Formula One debut at the Australian Grand Prix, scoring his maiden podium finish and becoming the highest-finishing debutant since Jacques Villeneuve in 1996. Replaced by Fernando Alonso for 2015, Magnussen continued at McLaren as a reserve driver, substituting for Alonso at the season-opener. Magnussen completed a stint at Renault in 2016, before competing with Haas from 2017 until the conclusion of the 2020 season, finishing a career-best ninth in the 2018 World Drivers' Championship. In 2021, Magnussen moved to the IMSA SportsCar Championship with Cadillac, winning the Detroit Classic; he also contested one round of the IndyCar Series with Arrow McLaren, as well as the 24 Hours of Le Mans with High Class.
Magnussen returned to Haas in 2022 to replace Nikita Mazepin, achieving his maiden pole position at the São Paulo Grand Prix. He retained his seat in 2023 and 2024, becoming the first driver since former teammate Romain Grosjean in 2012 to receive a race ban after the latter Italian Grand Prix, before departing at the end of the season. Magnussen achieved one pole position, three fastest laps and one podium finish in Formula One. He holds the Formula One record for the most career starts without leading a lap (185). Magnussen returned to sportscar racing in 2025, joining BMW as a factory driver.