A new species of Magnolia is described for the flora of Brazil, based on material from Bahia and Minas Gerais states. This species represents the first record of Magnoliaceae in the Northeastern region of Brazil. Magnolia brasiliensis differs from all other Brazilian species of Magnolia by having adaxially glossy leaves and differs from M. ovata by having a lower number of stamens and carpels. Despite its large extent of occurrence, the conservation status attributed to the new species is Endangered, mainly based on the low number of mature individuals in each subpopulation (< 50) and an area of occupancy of less than 16 km2.