We study the phenomenon of macroscopic quantum tunneling (MQT) in small Josephson junctions (JJ) with an externally applied magnetic field. The latter results in the appearance of the Fraunhofer type modulation of the current density along the barrier. The problem of MQT for a pointlike JJ is reduced to the motion of the quantum particle in the washboard potential. In the case of a finite size JJ under consideration, this problem corresponds to a MQT in a potential which itself, besides the phase, depends on space variables. The general expression for the crossover temperature T0 between thermally activated and macroscopic quantum tunneling regimes and the escaping time tau(esc) have been calculated.