The invention relates to a method for reducing the residual stress of a ferromagnetic metal material. The method is to process the ferromagnetic metal material through a pulse current and a pulse magnetic field, wherein the processing time is 10 to 50 s; the density of the pulse current is 102 to 104 A/cm2; the action time of a single pulse is 0.1 to 50 ms; the number of the continuously input current pulses is 5 to 30; an interval between a process of continuously inputting 5 to 30 pulse current with the action time of 0.1 to 50 ms and a process of inputting 5 to 30 pulse current again with the action time of 0.1 to 50 ms is 3 to 5 s; the number of interval times of the whole processing procedure is 4 to 6; the pulse magnetic field is generated in an electromagnet mode; the exciting peak value current is 30 to 80 amperes; the output field strength is 0 to 2.25 T; the action time of a single magnetic pulse is 0.2 to 1 s and the interval is 0.2 to 1 s; and the magnetic pulse and the interval are performed alternatively until the whole processing procedure ends up. The method can obviously reduce the residual stress.