An oil-immersed circuit breaker is provided having a mechanical/magnetic trip indicator. In a preferred embodiment, the trip indicator comprises a mechanical drive train (coupled to a conventional trip-sensing mechanism), a push piece, and an indicator piece. The drive train and the push piece are located inside the enclosure immersed in oil. The indicator piece is located outside the enclosure. The push piece is magnetically coupled to the indicator piece. Magnetic coupling eliminates problems encountered with prior art trip indicators associated with oil-seal leakage, electrical component failure, and power source failure.