Fundamental science breakthroughs are being facilitated by high magnetic field studies in a broad spectrum of research disciplines. Furthermore, processing of materials under high magnetic fields is a novel technique with very high science and technological potential. However, currently the capability does not exist to do in-situ time-resolved quantitative analyses at high magnetic field strengths and elevated temperatures. Therefore, most measurements are performed ex situ and do not capture the microstructural evolution of the samples during high field exposure. To address this deficiency, we are developing high field magnet processing and analyses systems at the High Flux Isotope Reactor and the Spallation Neutron Source at the Oak Ridge National Laboratory which will link the analytical capabilities inherent in neutron science to the needs of magnetic processing research. Our goal is to apply advanced neutron scattering techniques to explore time-resolved characterizations of magnetically driven alloy phase transformations under transient conditions. This paper will provide an overview of the current status of this research endeavor with preliminary results obtained on ferrous alloys.