A high-sensitivity optical fiber magnetic field sensor based on a multi-Fabry-Perot interference (F-P) cavity in an etched multimode optical fiber (MMF) was proposed. The MMF was etched along the fiber axis and a hole with the length of about 250 µm formed in the MMF. The multi-F-P cavity in the MMF is a sandwich structure, which is composed of UV glue, magnetic fluid and UV glue. The refractive index and effective cavity length of the magnetic fluid cavity change with the changing of the external magnetic field, which will result in changes of the reflection spectra of the multi-F-P. Thus, the external magnetic field could be detected by the changes of spectra. Experimental results showed that the high magnetic field sensitivity of 299.7 pm/mT and 0.164 dB/mT were obtained in the range of 0∼8 mT weak magnetic induction intensity by using the wavelength and intensity demodulations, respectively. The proposed sensor shows the potential applications in the magnetic field measurement in the weak magnetic environment.