In this work, a theory based on the steady photoconductivity method, of a bifacial silicon solar cell under polychromatic illumination and a magnetic field effect, is presented. The resolution of the continuity equation in the base of the solar cell, allowed us to establish the expression of the minority carriers' density from which the photoconductivity, the photocurrent density, the photovoltage and the solar output power as function of the junction recombination velocity and the applied magnetic field, were deduced. From I-V and P-V characteristics of the solar cell, optimal photovoltage and optimal photocurrent obtained at the maximum power point corresponding to a given operating point which is correlated to an optimal junction recombination velocity, were determined according to the magnetic field. By means of the relation between the photocurrent density and the photoconductivity, the junction electric field has been determined at a given optimal junction recombination velocity.