The theory of the photomagnetoelectric effect has been worked out for the case in which the lifetime is dependent on the injection level and the recombination mechanism is described by the Shockley‐Read statistics. Under the small signal hypothesis, the nonlinear continuity equation has been solved by perturbative method. An example is presented which evidences the deviation of the theoretical behavior of the spectral distribution of the short‐circuit current from the standard case in which the linear continuity equation is considered and the lifetime is constant.