A magnetic compass has an instrument body adapted to be held level by a gimbal mechanism and having a vertical cylinder member, a spherical or semi-spherical float body on the upper end of the cylinder member and having a spherical surface facing downwardly into the upper end of the cylinder member, a magnet at a bottom center of the float body for making the center of gravity of the float body near the bottom center of the float body, a graduated azimuth scale on the float body, a lubber's line indicator on the surface of the instrument body surrounding the float body, and an air blowing device operatively associated with the cylinder member for blowing rectified air upward through the inside of the cylinder member with a force sufficient for making the float body float stably on the upper end of the cylinder member and out of contact therewith for enabling the float body to freely turn in response to geomagnetic force.