Magnetic field effects (MFEs) are used to describe the changes of the photophysical properties (including photoluminescence, electroluminescence, injectedcurrent, photocurrent, etc.) when materials and devices are subjected to the external magnetic field. The MFEs in non-magnetic luminescent materials and devices were first observed in organic semiconductor. In the past two decades, the effects have been studied extensively as an emerging physical phenomenon, and also used as a unique experimental method to explore the processes such as charge transport, carrier recombination, and spin polarization in organic semiconductors. Recent studies have found that the MFEs can also be observed in metal halide perovskites with strong spin-orbital coupling. Besides, for expanding the research domain of MFEs, these findings can also be utilized to study the physical mechanism in metal halide perovskites, and then provide an insight into the improving of the performance of perovskite devices. In this review, we focus on the magnetic field effects on the electroluminescence and photoluminescence changes of organic semiconductors and halide perovskites. We review the mainstream of theoretical models and representative experimental phenomena which have been found to date, and comparatively analyze the luminescence behaviors of organic semiconductors and halide perovskites under magnetic fields. It is expected that this review can provide some ideas for the research on the MFEs of organic semiconductors and halideperovskites, and contribute to the research of luminescence in organic materials and halideperovskites.