A new and unique plant cultivar of perennial carnation or pinks, Dianthus plant named ‘Paint the Town Magenta’ with numerous, single, fragrant flowers in a strong flush in late spring and continuing until mid-fall of fringed vibrant magenta petals, over finely-textured bluish-green foliage. Dianthus ‘Paint the Town Magenta’ has vigorous compact habit, is tolerant of high temperatures, resists center die-out and does not require vernalization for effective flowering.