Singlet fission is a photophysical process in which one singlet excited state converts into two triplet excited states in a molecular system. Singlet fission has gained much attention in photovoltaic technology and the interest in singlet fission stems from the possibility of drastically increasing the efficiency of solar cells. Since singlet fission is a spin-dependent phenomenon, its dynamic process can be altered and influenced by an external magnetic field. The effect of magnetic fields on singlet fission in molecular materials has been utilized to deliver a better understanding of the phenomenon and even to enhance it. This Minireview provides an overview and an insight on recent developments as well as traditional approaches of how the magnetic field effects in organic molecular systems can be taken advantage of to elucidate the fundamental dynamics of singlet fission process, and furthermore to improve it in technological applications.