UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 13, 2010 (July 12, 2010)

Magellan Midstream Partners, L.P.

(Exact name of registrant as specified in its charter)

Commission File Number: 1-16335

One Williams Center, Tulsa, OK 74172

(Address of principal executive offices, including zip code)

(918) 574-7000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

On July 12, 2010, Magellan Midstream Partners, L.P. (the “Partnership”) entered into a definitive agreement with BP Pipelines (North America), Inc. (the “Seller”) to purchase certain crude oil storage assets and crude oil and refined petroleum products pipelines located in Texas and Oklahoma for $289 million (the “Purchase Agreement”). The assets to be purchased include:

The Partnership expects the acquisition to close within 60 days of the signing of the Purchase Agreement, subject to regulatory approval and other customary closing conditions. At closing, the Partnership will also purchase, pursuant to a purchase agreement by and between the Partnership and BP Oil Supply Company, certain crude oil working inventories associated with the Cushing Storage Assets for fair market value, which the Partnership currently estimates to be approximately $50 million. With limited exceptions, the Partnership is assuming all pre-closing and post-closing liabilities for the acquired assets.

On July 12, 2010, the Partnership received a commitment letter from JPMorgan Chase Bank, N.A., JPMorgan Securities Inc., Bank of America, N.A., Morgan Stanley Senior Funding, Inc. and Wells Fargo Bank, National Association, to provide a 364-day unsecured revolving credit facility in the amount of $300 million (the “364-day Credit Facility”). The commitment letter will terminate on August 15, 2010. The Partnership intends to fund the purchase price for the acquisition, in part, with borrowings under the 364-day Credit Facility, its existing $550,000,000 revolving credit facility and/or future debt or equity issuances.

The information included in the last paragraph of Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Section 2.03 of this Current Report on Form 8-K.

On July 13, 2010, the Partnership issued a press release regarding the Purchase Agreement and related transactions. The full text of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K and in Exhibit 99.1 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise be subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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