The self-sustained coalescence breakup cycles of ferrodrops were investigated for the first time by a high-speed camera under various magnetic fields. Under an axial magnetic field, the upper ferrodrop would deform into a conic shape before coalescing with the bottom ferropeak. Within 0.2 ms after coalescence, the minimum width of the expanding neck obeys a power-law relationship with time, while the exponents increase with the magnetic field and deviate with a decreasing trend in the later coalescence. The cone angle of the upper ferrodrop before coalescence gradually decreases while it increases before breakup with the magnetic field. A critical magnetic field around 35 mT was reported, above which the ferrofluid column undergoes the periodic phenomenon of coalescence and breakup. The frequency for the whole coalescence-breakup cycle increases exponentially with the applied magnetic field. A simplified force balance allows capturing the periodic mechanism involved in this driven harmonic oscillator.