An attempt has been made to measure existing steel stress using magnetoelasticity. A device has been developed and used for the measurement of magnetism in response to the deformation of a steel bar. The proposed technique can be used for the assessment of existing reinforced concrete structures by the measurements of steel stress embedded inside concrete. A traditional technique requires to break the existing steel bar to measure existing strain. However, the proposed technique is developed to measure the stress without damaging the steel bar. A successful application of magnetoelasticity depends on the establishment of relationship between elastic and magnetic response due to loading. To investigate the correlation between the two, steel bars are loaded in tension under uniaxial loading while the magnetic reading is recorded. Based on the test results, equations are suggested to predict stress for steel bars with different diameters.