Nonreciprocal materials and devices play an irreplaceable role in isolating, routing, and multiplexing. However, in the terahertz (THz) band, their active control mechanisms are still limited. Herein, a THz nonreciprocal photonic spin transmission is demonstrated in the undoped InSb actively manipulated by a light‐magneto‐joint modulation method, in which THz cyclotron resonance of the photoinduced carriers is conjunctively excited by both pump laser and external magnetic field. Moreover, a diffusion model of photoinduced non‐equilibrium carriers and its nonreciprocal dispersion model of magnetized plasma are established to interpret the experimental observation. The results indicate that the light‐magneto‐joint modulation achieves a broadband amplitude‐phase modulation with a higher modulation depth (>2π rad phase shift), as well as an active nonreciprocal spin transmission with magnetic circular dichroism (>20dB) and the Faraday rotation effect (>90°) in InSb, which is more efficient and faster than the traditional thermal excitation. Furthermore, the demonstration in a single‐frequency THz transmission system shows that this light‐magneto‐joint modulation mechanism in InSb can be multifunctionally applied in active control, isolation, and polarization conversion.