The patrons of Magnacavallo are Saints Peter and Paul, celebrated on 29 June; the municipality holds the Chiesa dei Santi Pietro e Paolo.
Every second Sunday of September, on the anniversary of the inauguration of the monument, the Festa dell'emigrato (emigrant's festival) is organised, with conferences, events and entertainment. Palazzo Gonzaga is a historic sixteenth-century residence used in summer by the Gonzaga of Vescovato family.
