Bianchi type III string cosmological models (massive and geometric) in presence of magnetic field with vacuum energy density following the techniques used by Letelier (1979) and Stachel (1980) are obtained. We find that the energy conditions (dominant as well as weak) given by Hawking and Ellis (1974) are satisfied for the models. Also the solutions obtained satisfy conservation equation for massive string with magnetic field and vacuum energy density. The models in general, represent anisotropic phase of space-time due to the presence of string. However, the models isotropize at late time and in special case. It has also been shown that the magnetic field is directly linked with the matter. For string dust model, the state finder parameters {r,s} are in excellent agreement with Planck results (Sahni et al. (2003)). The physical and geometrical aspects of the models with special cases are also discussed.