In this paper, we demonstrate tuning the optical properties of magnetic fluids through pH and magnetic field control. The role of reconfigurable nanostructures in the temporal and switching behavior of transmitted light is also studied. An oil-in-water magnetic nanoemulsion with an average diameter of 200 nm, containing Fe3O4 superparamagnetic nanoparticles of 10 nm average diameter, is used in this study. To make the emulsion pH reconfigurable, the droplets are covered with a weak polyelectrolyte, poly (acrylic acid). The swelling of the PAA molecules, due to ionization of the carboxylic acid groups, resulted in an increase in adlayer thickness at increase in pH. The change in transmitted intensity is found to scale linearly with the applied magnetic field strength, and at higher fields, the formed structures took more time to reconfigure themselves after the removal of magnetic field. At a pH 5, the increase in transmitted light intensity is seen even at a very low magnetic field strength due to the lower interdroplet spacing. On the contrary, at pH 9, the interdroplet spacing between the emulsion drops were large, due to the extension of PAA molecules, which led to a weaker magnetic interaction between the droplets and formation of shorter chains, where a lower transmission is seen due to multiple scattering. A straight-line pattern was observed in the transmitted intensity, due to the scattering of light from linear chains that are aligned perpendicular to the light propagation direction. Bridging of polymer covered surfaces was seen at pH 3, due to hydrogen bonding between PAA molecules. Our results show that tuning optical properties of magnetic emulsion (switching between transparent and opaque states) is possible through pH control. Our findings open up new opportunities to develop optical devices and accessing of diverse structures by tuning pH and magnetic field.