Tensile fatigue tests were designed to study the relation between the tangential magnetic memory signal and dislocations. According to experimental results, in the early stage of fatigue, the magnetic signal and the dislocation density rapidly increase; while in the middle stage, the magnetic signal gradually increases, the dislocation density remains steady, and only the dislocation structure develops. On the other hand, in the later stage, the magnetic signal once again increases rapidly, the dislocation structure continues to develop, and microscopic cracks are formed. Analysis reveals that the dislocations block the movement of the domain wall, and the area of dislocation accumulation thus becomes an internal magnetic source and scatters a field outward. In addition, the magnetic memory field strengthens with increasing dislocation density and complexity of the dislocation structure. Accordingly, the dislocation pinning factor related with the dislocation density and the dislocation structure has been proposed to characterize the effect of dislocations on the magnetic memory signal. The magnetic signal strengthens with an increase in the dislocation pinning factor.