Photo‐responsive lanthanide‐based single‐molecule magnets (SMM) hold great promise for future switching and memory devices. Herein, we report a dysprosium phosphonate [DyIII(SCN)2(NO3)(depma)2(4‐hpy)2] (1Dy), which features a supramolecular framework containing layers of hydrogen‐bonding network and pillars of π–π interacted anthracene units. The photocycloaddition reaction of anthracene pairs led to a rapid and reversible single‐crystal‐to‐single‐crystal (SC–SC) structural transition to form the 1D coordination polymer [DyIII(SCN)2(NO3)(depma2)(4‐hpy)2]n (2Dy), accompanied by photoswitchable SMM properties with the reduction of effective energy barrier by half and the narrowing of the butterfly‐like hysteresis loop. The diluted sample showed a photo‐induced switch of the blocking temperature (TB) from 3.8 K for 1Dy@Y to 2.6 K for 2Dy@Y. This work may inspire the construction of lanthanide‐based molecular materials with targeted photo‐responsive magnetic properties.