Abstract: The spectrum of a Coulomb impurity in bilayer graphene is investigated as function of the strength of a perpendicular magnetic field for different values of the angular quantum number m and for different values of the gate voltage. We point out fundamental differences between the results from the two-band and four-band model. The supercritical instability and fall-to-center phenomena are investigated in the presence of a magnetic field. We find that in the four-band model the fall-to-center phenomenon occurs as in monolayer graphene, while this is not the case in the two-band model. We find that in a magnetic field the supercritical instability manifests itself as a series of anticrossings in the hole part of the spectrum for states coming from the low-energy band. However, we also find very distinct anticrossings in the electron part of the spectrum that continue into the hole part, which are related to the higher energy band of the four-band model. At these anticrossings, we find a very sharp peak in the probability density close to the impurity, reminiscent for the fall-to-center phenomenon. In this paper, these peculiar and interesting effects are studied for different magnetic field, interlayer coupling, and bias potential strengths.