A magnetically navigable atherectomy device includes a cutting head, a flexible drive shaft having a proximal and a distal end, with the cutting device on the distal end, and a magnet associated with the cutting head, the magnet of sufficient size to allow the cutting head to be oriented by an externally applied magnetic field. The magnet may be a portion of the cutting head made from a magnetically permeable or permanent magnetic material, a portion of the drive shaft made from a magnetically permeable or permanent magnetic material; a separate magnet between the cutting head and the drive shaft, a portion a magnet on a sheath covering the drive shaft. Alternatively a guide wire can provided with a magnetic material on its distal end. Through the application of a magnetic field and/or a magnetic gradient, the artherectomy device can be guided to the location of the atheromatous material in the body. Once at the site of atheromatous material, through the application of a magnetic field or magnetic gradient, the device can be manipulated into proximity to the atheromatous material to remove the material.