The most widely accepted scenario for the formation of the Earth–Moon system involves a dramatic impact between the proto-Earth and some other cosmic body. Many features of the present-day Earth–Moon system provide constraints on the nature of this impact. Any model of the history of the Earth must account for the physical, geochemical, petrological, and dynamical evidence. These constraints notwithstanding, there are several radically different impact models that could in principle account for all the evidence. Thus, in the absence of further constraints, we may never know for sure how the Earth–Moon system was formed. Here, we put forward the idea that additional constraints are indeed provided by the fact that the Earth is strongly magnetized. It is universally accepted that the Earth’s magnetic field is maintained by a dynamo operating in the outer liquid core. However, because of the rapid rotation of the Earth, this dynamo has the peculiar property that it can maintain a strong field but cannot amplify a weak one. Therefore, the Earth must have been magnetized at a very early epoch, either preimpact or as a result of the impact itself. Either way, any realistic model of the formation of the Earth–Moon system must include magnetic field evolution. This requirement may ultimately constrain the models sufficiently to discriminate between the various candidates.