An analysis was performed on the laminar flow of the magnetic fluid between two parallel plates with a low-speed traveling magnetic field, using Shliomis' and Glazov's equations. The velocity profile, the mean velocity and the coefficient of friction were calculated for the flow with and without a pressure gradient, and compared with the authors' previous experimental results and analytical values in a steady magnetic field. The induced flow was in the same or opposite direction to the magnetic field depending on α₁ and the strength of the applied current. The increase in the coefficient of friction was appreciable in a low Reynolds number range and for relatively strong, high-frequency current.