We propose to localize spin mixing dynamics in a spin-1 Bose-Einstein condensate by a temporal modulation of spin exchange interaction, which is tunable with optical Feshbach resonance. Adopting techniques from coherent control, we demonstrate the localization and freezing of spin mixing dynamics, and the suppression of the intrinsic dynamic instability and spontaneous spin domain formation in a ferromagnetically interacting condensate of 87Rb atoms. This work points to a promising scheme for investigating the weak magnetic spin dipole interaction, which is usually masked by the more dominant spin exchange interaction.