The anaerobic degradation of phenolic compounds presents substantial challenges due to their toxicity to methanogenic biomass and inherently low conversion rates. Recent studies indicate that nano-magnetite can stimulate direct interspecies electron transfer (DIET), potentially enhancing phenol conversion and methane production. This study employed two anaerobic membrane bioreactors (AnMBRs) to investigate phenol and p-cresol degradation under stepwise increasing loading rates, with complete retention of biomass in both reactors. While AnMBR-C served as a control, nano-magnetite was additionally supplemented to reactor AnMBR-M at a concentration of 40 mmol/L in Phase 1 and 20 mmol/L in Phase 2. Results demonstrated that AnMBR-M supplemented with 20 mmol/L nano-magnetite tolerated higher phenolic loading rates compared to AnMBR-C. In Phase 2, a higher total Fe concentration was observed in AnMBR-M, suggesting an enhanced electron transfer mechanism via dissimilatory iron reduction-oxidation cycle. Follow-up batch experiments revealed that magnetite-adapted biomass had more tolerance to phenol inhibition. A 16S-rRNA sequencing was conducted to characterize microbial communities within both reactors. Results suggested that DIET was stimulated in Phase 1, as shown by the enrichment of the electrogenic Pseudomonas and Methanolinea in AnMBR-M. However, the possibly stimulated DIET in Phase 1 could not alleviate the inhibition caused by excessive 40 mmol/L nano-magnetite dosage. Notably, there was no significant difference between the genera of AnMBR-C and AnMBR-M by the end of Phase 2. However, short-chain fatty acid degrader Mesotoga was more enriched in AnMBR-M. Moreover, species-level analysis showed that AnMBR-M had a sixfold higher relative abundance of Methanosaeta harundinacea compared to AnMBR-C.