A method of performing magnetic annealing of a ferromagnetic thin film applied to a substrate includes applying an oscillating magnetic field to the ferromagnetic thin film to induce a current therein and heat the ferromagnetic thin film. A directional magnetic field is applied to the ferromagnetic thin film at the same time as the ferromagnetic thin film is heated, and the ferromagnetic thin film is allowed to acquire a desired magnetic characteristic, and then the oscillating magnetic field is removed and the ferromagnetic thin film is allowed to cool.