An apparatus for magnetic therapy of eye conditions such as cataracts, eye floaters, chronic glaucoma, age-related maculopathy, diabetic retinopathy, dry eyes, watery eyes and myopia is disclosed. The apparatus comprises a combination of two bi-polar magnets enclosed in a supportive cover that saddles the upper rim of regular eyeglasses. The magnets are placed in a proper position in front of the affected eye and their polarity can be changed at any time without any difficulty. The magnets are preferably solid discs of Neodymium-Iron-Boron (NdFeB) with a surface strength of 1300 to 1800 gauss.