Magnus Hjalmar Munsterhjelm (19 October 1840, Tuulos - 2 April 1905, Helsinki) was a Finnish landscape painter.
Munsterhjelm was born at Toivoniemi Manor of Tuulos, Finland.
He was the son of Gustaf Riggert Munsterhjelm (1806-1872) and his wife and Mathilda Charlotta Eleonora von Essen (1818-1895).
His father first sent him to the Turku Maritime School.
In the early 1860s, he studied art at Düsseldorf with Werner Holmberg (1830-1860) and Oswald Achenbach (1827-1905) and at Karlsruhe under Hans Gude.