Magnussen was born in New York City and graduated from the North Carolina School of the Arts. In 2007, he made his Broadway stage debut in "The Ritz" starring Rosie Perez. In 2012 he was cast as Spike in "Vanya and Sonia and Masha and Spike," premiering at the McCarter Theatre in Princeton, NJ prior to its move to Lincoln Center in New York City. It then moved to the John Golden Theatre, where it was nominated for 6 Tony Awards. Magnussen was nominated for a Tony Award for Best Featured Actor in a Play for his role as Spike.
Magnussen appeared in the upcoming film "Blood Night: The Legend of Mary Hatchet" and can also be seen in "Happy Tears," which stars Demi Moore and Parker Posey. He starred as Claude in the film "Twelve" which was released July 30, 2010.
He played Neil Thomas, a WWII hero in the 2011 film The Lost Valentine based on the book "The Last Valentine" by James Michael Pratt. Also in 2011 he played Thor in Whit Stillman's "Damsels in Distress." In 2014, Magnussen starred in his breakout role as Rapunzel's Prince in Rob Marshall's "Into the Woods." Most recently, Magnussen was cast in FX's new anthology series, "American Crime Story: The People v. O.J. Simpson."
Currently, Billy plays guitar in the NYC-based band Reserved for Rondee, composed of Tom Degnan (bass), Nick Fokas (guitar), Warren Hemenway (drums), and Trevor Vaughn (lead vocals).
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