<p>We have fabricated a p-Si/La_0.7Sr_0.3MnO₃ (LSMO)/copper phthalocyanine (CuPc)/Au heterostructure and have investigated its light and magnetic field-dependent electrical transport properties at room temperature. In I–V characteristics study, a non-zero current at zero bias voltage has been detected, which can be utilized in storage devices. This may be arisen due to trap charge carriers at the interfaces. The irreversibility in I–V curve indicates residual polarization formation of interfacial dipoles which in turn yield capacitive effect in the heterostructure. Magnetic field-dependent I–V characteristics has explored negative magnetoresistance (MR) effect, which indicates the reduction in spin dependent scattering with the application of magnetic field in the LSMO bulk layer of the heterostructure. In I–V characteristics study under red laser light illumination of varying intensities, a significant photo response has been observed which is facilitated by Frenkel exciton generation within the CuPc bulk layer and subsequent separation at the LSMO/CuPc interface. Noteworthy, with coupled application of magnetic field and light, we have noticed a significant increase in I_photo/I_dark ratio with application of magnetic field. Such observation clearly demonstrates magnetic field induced tuning of photogeneration in this device. These observations indicate that our fabricated heterostructure is magnetoresistive and simultaneously exhibits photodetection properties at the same time.</p>