Photosynthesis is an important target of action of numerous environmental factors; in particular, stressors can strongly affect photosynthetic light reactions. Considering relations of photosynthetic light reactions to electron and proton transport, it can be supposed that extremely low frequency magnetic field (ELFMF) may influence these reactions; however, this problem has been weakly investigated. In this paper, we experimentally tested a hypothesis about the potential influence of ELFMF of 18 µT intensity with Schumann resonance frequencies (7.8, 14.3, and 20.8 Hz) on photosynthetic light reactions in wheat and pea seedlings. It was shown that ELFMF decreased non-photochemical quenching in wheat and weakly influenced quantum yield of photosystem II at short-term treatment; in contrast, the changes in potential and effective quantum yields of photosystem II were observed mainly under chronic action of ELFMF. It is interesting that both short-term and chronic treatment decreased the time periods for 50% activation of quantum yield and non-photochemical quenching under illumination. Influence of ELFMF on pea was not observed at both short-term and chronic treatment. Thus, we showed that ELFMF with Schumann resonance frequencies could influence photosynthetic light processes; however, this effect depends on plant species (wheat or pea) and type of treatment (short-term or chronic).