Propagation characteristics of Love waves in a layered structure composed of a piezomagnetic layer attached to an elastic substrate exposed to a magnetic field and compressive stress are investigated theoretically in this article. The effective elastic, piezomagnetic and magnetic permeability constants of a piezomagnetic material can affect by a magnetic field and compressive stress. The effects of magnetic field and compressive stress on the phase velocity, group velocity, mode shape, and magnetic potential of the Love wave are discussed in detail. It is found that the number of modes increases as the intensity of magnetic field increases while this tendency is reverse when applying compressive stress. As the intensity of magnetic field increases, the group velocity decreases but the magnitude of surface displacement of a piezomagnetic layer increases. The findings presented in this article are useful for improving the performance of surface acoustic wave (SAW) devices.