This research examines different numerical techniques for modeling ferrofluids in a non-magnetic liquid subjected to homogeneous and steady magnetic field. It particularly compares the conservative level set method with the Volume of Fluid (VOF) and Simple Coupled Level Set and Volume of Fluid (SCLSVOF) methods. By comparing these methods with experimental data, we established the superiority of the utilized method in this study. Several case studies were conducted to evaluate how a homogeneous magnetic actuation affects ferrofluid dynamics, considering parameters such as initial droplet size, surface tension coefficient, and magnetic susceptibility. Additionally, the study explored the coalescence of two falling ferrofluid droplets under the combined effects of an external magnetic field and gravity. The conservative level set method was shown to be extendable to three-dimensional environments, unlike the standard level set method. The novelty of this work lies in demonstrating that the conservative level set method is particularly effective for ferrofluids, accurately capturing their complex dynamics. The main novelty of this article lies in demonstrating the precision of Conservative Level Set Method while utilizing a reduced number of equations compared to other works. This reduction in complexity enhances the method's efficiency without compromising precision, making it especially suited for applications requiring both speed and accuracy, such as model-based control systems.