We carried out an extensive observational study of the Slowly Pulsating B (SPB) star, HD 25558. The ~2000 spectra obtained at different observatories, the ground-based and MOST satellite light curves revealed that this object is a double-lined spectroscopic binary with an orbital period of about 9 years. The observations do not allow the inference of an orbital solution. We determined the physical parameters of the components, and found that both lie within the SPB instability strip. Accordingly, both show line-profile variations due to stellar pulsations. Eleven independent frequencies were identified in the data. All the frequencies were attributed to one of the two components based on Pixel-by-pixel variability analysis of the line profiles. Spectroscopic and photometric mode identification was also performed for the frequencies of both stars. These results suggest that the inclination and rotation of the two components are rather different. The primary is a slow rotator with ~6 d period, seen at ~60 deg inclination, while the secondary rotates fast with ~1.2 d period, and is seen at ~20 inclination. Spectropolarimetric measurements revealed that the secondary component has a magnetic field with at least a few hundred Gauss strength, while no magnetic field can be detected in the primary.