The fascinating behavior of ferrofluids in a magnetic field has been intriguing researchers for many years. With the advancement in digital microfluidics, ferrofluid droplets have been extensively used in different applications ranging from biomedical to mechanical systems. Notably, the magnetic field can change the wetting dynamics of sessile ferrofluid droplets, leading to a plethora of interesting hydrodynamic phenomena. In the recent past, the spatiotemporal evolution of the droplet shape and contact line dynamics of a ferrofluid droplet in different magnetowetting scenarios has been explored widely. The relevant studies elucidate several critical aspects, such as the role of magnetic nanoparticles, carrier fluid, and the interaction of the magnetic fluid with the solid surface, among many others. Hence a systematic review of the progress made in understanding the fundamental and practical aspects of magnetowetting in the past decade (2010-2020) would be a helpful resource to the scientific community in the near future. Drawn by this motivation, an honest effort has been made in this Review to highlight the significant scientific findings concerning the sessile droplet magnetowetting phenomena within the timeline of interest. Several cutting-edge applications developed from the scientific findings in the purview of magnetowetting have also been discussed before outlining the conclusions and future areas of scope.