In magneto-optical gratings the magnetic dipolar coupling superimposed on the electric dipolar one introduces nonreciprocity and spectral discrimination between circular polarization states, measured by a Zeeman-like splitting of the photonic Bragg resonances. In a nonlinear regime the degree of nonreciprocity is modified by the photoinduced interplay of these splittings and their Stark-like shifts. We predict novel magneto-optical modulation schemes for switching between orthogonal circular polarization states of transmission or reflection operated by means of an intense linearly polarized optical pulse train.