Since reactor pressure vessel steels are ferromagnetic, provide a convenient means to monitor changes in the mechanical properties of the material upon irradiation with high energy particles, by measuring their magnetic properties. Here, we discuss the correlation between mechanical and magnetic properties and microstructure, by studying the flux effect on the nuclear pressure vessel steel used in reactors currently under construction in Argentina. Charpy-V notched specimens of this steel were irradiated in the RA1 experimental reactor at 275 °C with two lead factors (LFs), 93 and 183. The magnetic properties were studied by means of DC magnetometry and ferromagnetic resonance. The results show that the coercive field and magnetic anisotropy spatial distribution are sensitive to the LF and can be explained by taking into account the evolution of the microstructure with this parameter. The saturation magnetization shows a dominant dependence on the accumulated damage. Consequently, the mentioned techniques are suitable to estimate the degradation of the reactor vessel steel.