This invention relates to a rising stem valve that is magnetically actuated. A driven magnet assembly is rotatably supported in a nonmagnetic pressurizable bonnet fixed to the main valve body. The driven magnet assembly preferably comprises rare earth cobalt magnets defining an even number of north and south poles. A cylindrical holder coaxial with and surrounding said tubular bonnet is rotatably secured thereto. The holder carries driving magnets, preferably rare earth cobalt magnets with an even number of north and south poles. Rotation of the holder results in rotation of the driven magnet assembly. A valve stem is connected to the driven magnet assembly in a manner such that turning of the driven magnet assembly raises and lowers the stem which in turn opens and closes the valve.