  In the present work we have searched the existence of the late time
acceleration of the Universe. The matter source that is responsible for the
late time acceleration of the Universe consists of cosmic fluid with the
equation of state parameter $\omega =\frac{p}{\rho}$ and uniform magnetic field
of energy density $\rho_{B}$. The study is done here under the framework of
spatially homogeneous and anisotropic locally rotationally symmetric (LRS)
Bianchi-I cosmological model in the presence of magnetized dark energy. To get
the deterministic model of the Universe, we assume that the shear scalar
$(\sigma)$ in the model is proportional to expansion scalar $(\theta)$. This
condition leads to $A=B^{n}$, where $A$ and $B$ are metric functions and $n$ is
a positive constant giving the proportionality condition between shear and
expansion scalar. It has been found that the isotropic distribution of
magnetized dark energy leads to the present accelerated expansion of the
Universe and the derived model is in good agreement with the recent
astrophysical observations. The physical behavior of the Universe has been
discussed in details.
