Demagnetization in a thin film due to a terahertz pulse of magnetic field is investigated. Linearized Landau-Lifshitz-Gilbert (LLG) equation in the Fourier space to describe the magnetization dynamics is derived, and spin wave time evolution is studied. Finally, the demagnetization due to spin wave dynamics and recent experimental observations on similar magnetic system is compared. As a result, the marginal role of spin wave dynamics in loss of magnetization is established.