Using time-resolved x-ray diffraction, we demonstrate the manipulation of the picosecond strain response of a metallic heterostructure consisting of a dysprosium (Dy) transducer and a niobium (Nb) detection layer by an external magnetic field. We utilize the first-order ferromagnetic–antiferromagnetic phase transition of the Dy layer, which provides an additional large contractive stress upon laser excitation compared to its zero-field response. This enhances the laser-induced contraction of the transducer and changes the shape of the picosecond strain pulses driven in Dy and detected within the buried Nb layer. Based on our experiment with rare-earth metals we discuss required properties for functional transducers, which may allow for novel field-control of the emitted picosecond strain pulses.