It is demonstrated that the diameter distribution of catalyst nanoparticles in arc discharge can be controlled by a magnetic field. The magnetic field affects the arc shape, shortens the diffusing time of the catalyst nanoparticles through the nucleation zone, and consequentially reduces the average diameters of nanoparticles. The average diameter is reduced from about 7.5 nm without magnetic field to about 5 nm is the case of a magnetic field. Decrease of the catalyst nanoparticle diameter with magnetic field correlates well with decrease in the single-wall carbon nanotube and their bundles diameters.