The dynamic response of magnetic order to optical excitation at sub‐picosecond scale has offered an intriguing alternative for magnetism manipulation. Such ultrafast optical manipulation of magnetism has become a fundamental challenging topic with high implications for future spintronics. Here, this study demonstrates such manipulation in Co2FeSi films grown on flexible polyimide substrate, and demonstrates how the magneto‐optical interaction can be modified by using strain engineering which in turn triggers the excitation of both dipolar and exchange spin waves modes. Furthermore, Gilbert damping and spin‐orbit coupling in Co2FeSi can both be tuned significantly by altering the magnitude and type of applied strain, suggesting an appealing way to manipulate spin wave propagation. These results develop the optical manipulation magnetism into the field of spin wave dynamics, and open a new direction in the application of spin orbitronics and magnonics devices using strain engineering.