In the fundamental (l=2) mode, the frequency spectrum of a magnetically levitated inviscid droplet exhibits three distinct peaks. If the modes that correspond to each of these peaks is known, the surface tension of the droplet may be calculated. In experiments that make use of this principle, there is nounambiguousmethod of assigning mode numbers to these peaks. The dynamics of the oscillating droplet depend on the magnetic pressure on the droplet surface. Consequently, the order of the peaks in thel=2 mode oscillations is determined by the magnetic pressure distribution. In this paper, the magnetic pressure distribution on the surface of the droplet is calculated as a function of the parameters that govern the external magnetic field. The frequencies of the droplet oscillation and its static shape deformation are also expressed in terms of these same parameters. The frequencies of oscillation are used to determine the surface tension of the liquid droplet. Finally, the magnetic pressure distribution on the droplet is shown to yield the well‐known ‘‘pear‐like’’ shape that is assumed by liquid metal droplets in a conical levitator. ©1996 American Institute of Physics.