External magnetic field (EMF)-assisted high-current CO2 welding is beneficial for improving the large spatter and poor performance of the welding heat-affected zone for mild steels under high-current welding specifications. In this paper, the droplet transfer behaviors were determined using a high-speed camera on a self-developed magnetically controlled CO2 welding system. Based on these welding specifications, a three-dimensional, transient, multi-energy field coupling welding system model to investigate the mechanism of the droplet and molten pool in EMF-assisted welding was developed. The microstructure and mechanical properties of the welded joint were systematically studied. The results show that the Lorentz force applied by the EMF to twist the droplet decreases the accumulated energy in the short-circuited liquid bridge and changes the liquid metal flow condition, both of which reduce the spatter by 7% but increase the welded joint hardness by 10% and tensile strength by 8%.