A magnetic field enhanced photovoltaic device includes a photoelectric conversion layer, a first electrode, a second electrode, a ferro-antiferromagnetic exchange coupling layer and an applied magnetic field. The first electrode and the second electrode are respectively disposed on two surfaces of the photoelectric conversion layer to collect electrons and holes generated by the photoelectric conversion layer. The first electrode is pervious to light. The incident light reaches the photoelectric conversion layer through the first electrode. The applied magnetic field polarizes the spin state of electrons. The ferro-antiferromagnetic exchange coupling layer adjoins the photoelectric conversion layer and pins the spin state of electrons.