The optimal external magnetic field parameters for stable discharge of a novel HiPIMS and obtaining high-quality film were explored, and the modulation of the external magnetic field on the discharge and deposition characteristics of electro-magnetic fields synergistically enhancing high power impulse magnetron sputtering ((E-MF) HiPIMS) was studied. The effects of coil current of external magnetic field on the discharge of HiPIMS vanadium target as well as the microstructure and properties of vanadium films were investigated. The discharge behavior of HiPIMS was monitored, and the influences of external magnetic field on the phase structure, surface morphology, cross-section morphology, friction and wear resistance, and corrosion resistance of vanadium films were studied by XRD, SEM, AFM, friction and wear tester, and electrochemical corrosion method. Results show that with the increase of the coil current, the substrate ion current increased gradually. When the coil current was 6 A, the maximum substrate ion current density reached 209.2 mA/cm². The phase structure of vanadium film was only V (111), but the intensity of its diffraction peak increased with the increase of coil current. The surface of vanadium film exhibited typical round-pit shape. The surface roughness decreased first and then increased, and the minimum was only 10 nm. At low coil current (<4 A), the vanadium film showed a compact and fine crystal growth structure. With the increase of coil current, the deposition rate of the film increased gradually. When the coil current was 4 A, the friction coefficient of the vanadium film was the smallest, the wear resistance was the best, and the vanadium film samples had the best corrosion resistance.