Equilibrium shapes of magnetic rods and their stability under the action of an applied field are analyzed. The family of shapes is characterized by two magnetoelastic numbers due to the remanent magnetization and paramagnetic susceptibility of the rod. Since in experiments with flexible magnetic rods the ends are usually unfixed and unclamped, their stability is analyzed under these conditions. Solutions of the corresponding eigenvalue problems for particular cases show that under these conditions the equilibrium shapes are unstable.