Efficient generation of 13.5 nm light with increased conversion efficiency and output power is important for Extreme Ultraviolet (EUV) lithography applications. In this study, we present a computational investigation of plasma dynamics and EUV generation from laser-driven plasma, with specific focus on the influence of magnetic fields, ranging up to 50 T. Simulations show that the plasma expansion is restricted based on the direction and strength of the magnetic field, resulting in an anisotropic plasma confinement, which in turn allows for radiation escape with a reduced loss. Moreover, angle-dependent measurements show an increase in in-band EUV (2% bandwidth around 13.5 nm) yield, reaching a peak enhancement of up to 40% when a magnetic field is applied, particularly when it is oriented perpendicular to the laser axis. The ability to control plasma dynamics by magnetic field offers exciting prospects for optimizing EUV radiation sources.