We have developed an alternating magnetic field stimulation system consisting of a switched-mode power supply and a digital control circuit which modulates a duty ratio to maintain a magnetic field intensity of a few mT even while the frequency increases up to 4 kHz with a controllable coil temperature below $30^{circ}C$ in air. This duty ratio modulation and water circulation are advantageous for cell culture under ac-magnetic field stimulation by preventing the incubator from exceeding a cell-viable temperature of $37^{circ}C$. Although the temperature of the coil when subjected to a sinusoidal voltage rapidly increased, that of our system modulated by the duty factor did not change. This is a potentially valuable method to investigate the effects of intermediate frequency magnetic field stimulation on biological entities such as cells, tissues and organs.