AbstractSolar‐to‐chemical energy conversion thorugh photocatalytic technology has garnered significant attention due to its potential for clean hydrogen pro duction, pollutant degradation, and carbon dioxide reduction. However, its relatively low solar‐to‐chemical conversion efficiency hinders its industrial development. External fields have currently emerged as a supplementary energy source to augment the overall catalytic efficiency. Recently, the photocatalytic performance has been considerably enhanced through magnetic field modulation, which promotes the separation and transfer of photoexcited charge carriers. This article systematically reviews the recent research progress of magnetic field–assisted photocatalysis, discussing phenomena such as the negative magnetoresistance effect, Lorentz force, and spin polarization. It comprehensively analyzes the effect of magnetic fields on critical processes in photocatalysis: light absorption, charge‐carrier separation, and surface reactions. In particular, this review focuses on the spin‐relaxation mechanism, explains how the electron lifetime is extended through spin polarization, and proposes design strategies for spin‐polarized materials. Finally, this review discusses the challenges and potential opportunities for enhancing photocatalytic efficiency. The ultimate objective of this review is to offer notable theoretical and experimental insights that can guide the design and development of high‐performance photocatalysts and photocatalytic systems.