We have investigated the effect of axial magnetic field on the band structure, dipole matrix elements and absorption spectrum in different energy ranges, using tight binding approximation. It is found that magnetic field breaks the degeneracy in the band structure and creates new allowed transitions in the dipole matrix which leads to creation of new peaks in the absorption spectrum. It is found that, unlike to CNTs which show metallic–semiconductor transition, the BNNTs remain semiconductor in any magnetic field strength. By calculation the diameter dependence of peak positions, we found that the positions of three first peaks in the lower energy region (E <5.3 eV) are proportional to n−2. In the middle energy region (7 < E < 7.5 eV) all (n, 0) zigzag BNNTs, with even and odd nanotube index, have two distinct peaks in the absence of magnetic field which these peaks may be used to identify zigzag BNNTs from other tube chiralities. For odd (even) tubes, in the middle energy region, applying the magnetic field leads to splitting of these two peaks into three (five) distinct peaks.