Controlling the impact process of a droplet impacting a liquid film has remained a wide-open challenge. The existing passive techniques lack precise on-demand control of the impact dynamics of droplets. The present study introduces a magnet-assisted approach to control water droplets' impact dynamics. We show that by incorporating a thin, magnetically active ferrofluid film, the overall droplet impact phenomena of the water droplets could be controlled. It is found that by modifying the distribution of the magnetic nanoparticles (MNPs) present inside the ferrofluid using a permanent magnet, the spreading and retraction behavior of the droplet could be significantly controlled. In addition to that, we also show that by altering the impact Weber number (Wei), and the magnetic Bond number (Bom), the outcomes of droplet impact could be precisely controlled. We reveal the role of the various forces on the consequential effects of droplet impact with the help of phase maps. Without the magnetic field, we discovered that the droplet impact on ferrofluid film results in no-splitting, jetting, and splashing regimes. On the other hand, the presence of magnetic field results in the no-splitting and jetting regime. However, beyond a critical magnetic field, the ferrofluid film gets transformed into an assembly of spikes. In such scenarios, the droplet impact only results in no-splitting and splashing regimes, while the jetting regime remains absent. The outcome of our study may find potential applications in chemical engineering, material synthesis, and three-dimensional (3D) printing where the control and optimization of the droplet impact process are desirable.