The study of electromagnetic interactions among test particles with electric charges and magnetic dipole moments is of great significance when examining the dynamics of particles within strong gravitational fields surrounding black holes. In this work, we focus on investigating the dynamics of particles possessing both electric charges and magnetic dipole moments in the spacetime of a Schwarzschild black hole within the framework of modified gravity (MOG), denoted as a Schwarzschild-MOG black hole. Our approach begins by offering a solution to Maxwell’s equations for the angular component of the electromagnetic four potentials within Schwarzschild-MOG spacetime. Subsequently, we derive the equations of motion and establish the effective potential for particles engaged in circular motion. This is achieved using a hybrid formulation of the Hamilton–Jacobi equation, encompassing interactions between electric charges and magnetic dipole moments, the external magnetic field (assumed to be asymptotically uniform), and interactions between the particles and the MOG field. Furthermore, we investigate the impacts of these three types of interactions on critical parameters, including the radius of innermost stable circular orbits (ISCOs), as well as the energy and angular momentum of particles when situated at their respective ISCOs. Finally, a detailed analysis concerning the effects of these interactions on the center-of-mass energy is presented in collisions involving neutral, electrically charged, and magnetized particles.