This paper presents the stability and dynamic characteristics of an axisymmetrically oscillating magnetic liquid column subjected to a uniform magnetic field in the presence of gravity. Initially, the axisymmetric mode response of a magnetic liquid column is analyzed using potential theory based on a magnetic field perturbation method. Then, an experiment is described in which a liquid column is formed between Helmholtz coils and vibrated vertically to produce axisymmetric oscillations by an electodynamic exciter. The surface frequency response of the column is measured optically using a high-speed video camera, a strobovision-snalyzer and a stroboscope. The results show that the magnetic field exerts a stabilizing effect on the column and the resonance frequency increases for increased liquid column aspect ratio(diameter / height). Both the experimental interfacial response and resonance frequency show good agreement with the theoretical prediction.