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We study the evolution equation for magnetic energy density for a non-relativistic magnetized plasma in the (Lagrangian) reference frame comoving with the electron bulk velocity. Analyzing the terms that arise due to the ideal electric field, namely, perpendicular electron compression and magnetic field line bending, we recast them to reveal a quantity with a functional form analogous to the often-studied pressure–strain interaction term that describes one piece of internal energy density evolution of the species in a plasma, except with the species pressure tensor replaced by the magnetic stress tensor. We dub it the “magnetic stress–strain interaction.” We discuss decompositions of the magnetic stress–strain interaction analogous to those used for pressure–strain interaction. These analogies facilitate the interpretation of the evolution of the various forms of energy in magnetized plasmas and should be useful for a wide array of applications, including magnetic reconnection, turbulence, collisionless shocks, and wave–particle interactions. We display and analyze all the terms that can change magnetic energy density in the Lagrangian reference frame of the electrons using a particle-in-cell simulation of magnetic reconnection.