Photoinduced electron transfer generates radical pairs which recombine with 10(-9)10(-8)s by electron back-transfer to either singlet or triplet products. The product distribution determined by the spin motion of the unpaired electrons in the radical pairs is affected by external magnetic fields. The analysis of the magnetic field effect furnishes new information about electron transfer processes. Light-induced electron transfer in polar solvents and in the bacterial photosynthetic reaction center are discussed as examples.