Coupling different physical properties is a fascinating subject of physics. Already well-known are the multiferroics which show properties of ferroelectrics and magnets. But ferroelectricity by itself also entails the bulk photovoltaic effect, a light-matter interaction which generates dc currents. Here we propose a magnetic photogalvanic effect that couples the magnetism to the light-matter interaction. This phenomenon emerges from the $mathbf{k}$ to $mathbf{-k}$ symmetry-breaking in the band structure and does not require a static polarization. It is distinct from other known bulk photovoltaic mechanisms such as the shift current. We demonstrate such phenomena in a newly discovered layered magnetic insulator CrI$_3$. A record photoconductivity response (more than 200 $mu A V^{-2} $) is generated under the irradiation of a visible light in the antiferromagnetic phase. The current can be reversed and switched by controllable magnetic phase transitions. Our work paves a new route for photovoltaic and optoelectronic devices and provides a sensitive probe for the magnetic transition.
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