A fast response magnetic loop current monitor has been developed to measure relativistic electron beam return currents. The monitor has a rise time of about a nanosecond and a high degree of symmetry with moderate sensitivity, variable from about 1 to 10 V/kA. This simple monitor, with a thickness of 0.254 mm or less, is thin enough to be placed between segments of return current path in the diode or drift tube regions, is insensitive to flashover, beam and plasma bombardment, and radiation effects, and measures net current, thus offering some advantages over conventional magnetic probes, since the main components are outside of the vacuum region. Design criteria, an equivalent circuit analysis, and typical calibration waveforms are presented. Experimental current measurements for a pinched electron beam diode configuration using both conventional magnetic probes and ’’gasket‐type’’current monitors with the FX‐75 relativistic electron beam accelerator are presented.