The effects of direct electric current and pulsed magnetic field treatment on the fatigue life and residual stresses in EP-718 alloy, a heat-resistant nickel–chromium alloy commonly used in aerospace applications, are investigated. Fatigue tests conducted under symmetric alternating bending revealed that applying a direct electric current increased the fatigue life of the alloy, particularly at higher load levels, where samples without current failed. It was found that passing current through the sample contributes to slowing down metal fatigue development. The influence of a pulsed magnetic field on residual tensile macrostresses in the EP-718 alloy was revealed. Under the action of a pulsed magnetic field in the surface layer of the samples, a decrease in the level of induced residual macrostresses up to 40% is observed. The magnetoplastic effect, driven by enhanced atomic mobility under the magnetic field, is proposed as the primary mechanism for this stress relief.