Elastic instabilities can trigger dramatic microstructure transformations giving rise to unusual behavior in soft matter. Motivated by this phenomenon, we study instability-induced pattern formations in soft magnetoactive elastomer (MAE) composites deforming in the presence of a magnetic field. We show that identical MAE composites with periodically distributed particles can switch to a variety of new patterns with different periodicity upon developments of instabilities. The newly formed patterns and postbuckling behavior of the MAEs are dictated by the magnitude of the applied magnetic field. We identify the particular levels of magnetic fields that give rise to strictly doubled or multiplied periodicity upon the onset of instabilities in the periodic particulate soft MAE. Thus, the predicted phenomenon can be potentially used for designing new reconfigurable soft materials with tunable material microstructures remotely controlled by a magnetic field.