We study dynamical symmetry breaking in three-dimensional QED with a Chern-Simons (CS) term, considering the screening effect of $N$ flavor fermions. We find a new phase of the vacuum, in which both the fermion mass and a magnetic field are dynamically generated, when the coefficient of the CS term $kappa$ equals $N e^2/4 pi$. The resultant vacuum becomes the finite-density state half-filled by fermions. For $kappa=N e^2/2 pi$, we find the fermion remains massless and only the magnetic field is induced. For $kappa=0$, spontaneous magnetization does not occur and should be regarded as an external field.
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