In this paper, a finite volume method based on the WENO scheme is used to develop a two-phase flow phase field method including ferrofluids. The governing equations include the Navier-Stokes equations for incompressible flow, the Cahn-Hilliard equation for interfacial dynamics, and the Maxwell equation for the distribution of the external magnetic field. To overcome the challenges posed by the fourth-order nonlinear diffusion terms, we decompose the Cahn-Hilliard equation into two Helmholtz equations. The fifth-order WENO scheme is employed to handle the convection term of the governing equation, aiming to enhance accuracy and prevent numerical oscillations. The Zalesak"s disk problem shows that the proposed method has a higher phase interface capture accuracy compared to references, and is comparable to the high-precision phase field method. The proposed method is applied to the droplet shear deformation problem, and it is observed that the current method can capture more satellite droplets. Additionally, it is noted that the magnetic interfacial force favors droplet deformation when the direction of the external magnetic field aligns closely with the direction of droplet hydrodynamic deformation. Furthermore, an increase in the magnetic field intensity leads to droplet splitting. On the contrary, when the magnetic field is nearly perpendicular to the direction of droplet hydrodynamic deformation, a lower intensity magnetic field alters the direction of droplet deformation, while a higher intensity magnetic field directly deforms the droplet along the direction of the magnetic field.