Magnetic expandable broadhead arrowheads and methods for magnetically holding the blades of broadhead arrowheads in the retracted position are disclosed. Embodiments include deployable cutting blades that are magnetically held in a retracted position during launch and flight and deploy outwardly upon impact with a target. Other embodiments include magnets where the force holding the cutting blades in the retracted position is localized adjacent either the deployable ends or the pivoting ends of the cutting blades. Still other embodiments include magnets adjacent to substantially the entire length of elongated cutting blades while the blades are in the retracted position. Alternate embodiments include elongated cutting blades that extend in a rearward direction when retracted and cutting blades that extend in a forward direction when retracted.