In this paper, we study anisotropic Bianchi-V Universe with magnetic field and bulk viscous fluid in string cosmology. Exact solutions of the field equations are obtained by using the equation of state (EoS) for a cloud of strings, and a relationship between bulk viscous coefficient and scalar expansion. The bulk viscous coefficient is assumed to be inversely proportional to the expansion scalar. It is interesting to examine the effects of magnetized bulk viscous string model in early and late stages of evolution of the Universe. This paper presents different string models like geometrical (Nambu string), Takabayasi (p-string) and Reddy string models by taking certain physical conditions. We discuss the nature of classical potential for viscous fluid with and without magnetic field. The presence of bulk viscosity stops the Universe from becoming empty in its future evolution. It is observed that the Universe expands with decelerated rate in the presence of viscous fluid with magnetic field whereas, it expands with marginal inflation in the presence of viscous fluid without magnetic field. The other physical and geometrical aspects of each string model are discussed in detail.