We present the contractile buckling dynamics of superparamagnetic filaments using experimental, theoretical, and simulation approaches. Under the influence of an orthogonal magnetic field, flexible magnetic filaments exhibit higher-order buckling dynamics that can be identified as occurring in three stages: initiation, development, and decay. Unlike initiation and decay stages where the balance between magnetic interactions and elastic forces is dominant, in the development stage, the influence of hydrodynamic drag results in transient buckling dynamics that is nonlinear along the filament contour. The inhomogeneous temporal evolution of the buckling wavelength is analyzed and the contractions under various conditions are compared.