Threshold photoemission excited by polarization-modulated ultraviolet femtosecond laser light is exploited for phase-sensitive detection of magnetic circular dichroism (MCD) for a magnetite thin film. Magnetite (Fe(3)O(4)) shows a magnetic circular dichroism of ∼(4.5 ± 0.3) × 10(-3) for perpendicularly incident circularly polarized light and a magnetization vector switched parallel and antiparallel to the helicity vector by an external magnetic field. The asymmetry in threshold photoemission is discussed in comparison to the magneto-optical Kerr effect. The optical MCD contrast in threshold photoemission will provide a basis for future laboratory photoemission studies on magnetic surfaces.