Dynamic behavior of temperature-dependent Reddy functionally graded (RFG) nanobeam subjected to thermomagnetic effects under the action of moving point load is carried out in the present work. Both symmetric and sigmoid functionally graded material distributions throughout the beam thickness are considered. To consider the significance of strain-stress gradient field, a material length scale parameter (LSP) is introduced while the significance of nonlocal elastic stress field is considered by introducing a nonlocal parameter (NP). In the framework of the nonlocal strain gradient theory (NSGT), the dynamic equations of motion are derived through Hamilton’s principle. Navier approach is employed to solve the resulting equations of motion of the functionally graded (FG) nanoscale beam. The developed model is verified and compared with the available previous results and good agreement is observed. Effects of through-thickness variation of FG material distribution, beam aspect ratio, temperature variation, and magnetic field as well as the size-dependent parameters on the dynamic behavior are investigated. Introduction of the magnetic effect creates a hardening effect; therefore, higher values of natural frequencies are obtained while smaller values of the transverse deflections are produced. The obtained results can be useful as reference solutions for future dynamic and control analysis of FG nanobeams reinforced nanocomposites under thermomagnetic effects.