Undercooling solidification under a magnetic field (UMF) is an effective way to tailor the microstructure and properties of Co-based alloys. In this study, by attributing to the UMF treatment, the strength-ductility trade-off dilemma in GH605 superalloy is successfully overcome. The UMF treatment can effectively refine the grains and increase the solid solubility, leading to the high yield strength. The main deformation mechanism in the as-forged alloy is dislocation slipping. By contrast, multiple deformation mechanisms, including stacking faults, twining, dislocation slipping, and their strong interactions are activated in the UMF-treated sample during compression deformation, which enhances the strength and ductility simultaneously. In addition, the precipitation of hard Laves phases along the grain boundaries can be obtained after UMF treatment, hindering crack propagation during compression deformation.