Photoluminescence of electron donor-acceptor pairs that show photoinduced electron transfer (PIET) has been measured in a polymer film under simultaneous application of electric field and magnetic field. Fluorescence emitted from the locally excited state (LE fluorescence) of 9-methylanthracene (MAnt) and pyrene (Py) is quenched by an electric field in a mixture of 1,3-dicyanobenzene (DCB) with MAnt or Py, indicating that PIET from the excited state of MAnt or Py to DCB is enhanced by an electric field. Simultaneous application of electric and magnetic fields enhances the reverse process from the radical-ion pair produced by PIET to the LE fluorescent state of MAnt or Py. As a result, the electric-field-induced quenching of the LE fluorescence is reduced by application of the magnetic fields. Thus, the synergy effect of electric and magnetic fields is observed on the LE fluorescence of MAnt or Py. Exciplex fluorescence spectra resulting from PIET can be obtained by analyzing the field effects on photoluminescence spectra, even when the exciplex fluorescence is too weak to be determined from the steady-state or time-resolved photoluminescence spectra at zero field.