We propose a novel concept for efficient dynamic tuning of optical properties of a high refractive index subwavelength nanoparticle with a magnetic Mie-type resonance by means of femtosecond laser radiation. This concept is based on ultrafast generation of electron-hole plasma within such nanoparticle, drastically changing its transient dielectric permittivity. This allows to manipulate by both electric and magnetic nanoparticle responses, resulting in dramatic changes of its extinction cross section and scattering diagram. Specifically, we demonstrate the effect of ultrafast switchingon a Huygens source in the vicinity of the magnetic dipole resonance. This approach enables to design ultrafast and compact optical switchers and modulators based on the "ultrafast magnetic light" concept.Introduction-All-dielectric "magnetic light" nanophotonics based on nanoparticles of high refractive index materials allows manipulation of a magnetic component of light at nanoscale without high dissipative losses, inherent for metallic nanostructures [1][2][3][4][5][6][7][8]. This "magnetic light" concept has been implemented for nanoantennas [9], photonic topological insulators [14], broadband perfect reflectors [10,11], waveguides [13], cloacking [15,16], harmonics generation [12], wave-front engineering and dispersion control [17].Such magnetic optical response originates from the circular displacement currents excited inside the nanoparticle by incident light. This opens the possibility of interference between magnetic and electric modes inside the dielectric nanoparticle at some wavelength. One of the most remarkable effects based on this concept is formation of the so-called Huygens source, scattering forward the whole energy [18], while for another wavelength range, the nanoparticle can scatter incident light in almost completely backward direction [19,20]. Therefore, manipulation by both electric and magnetic resonances paves the way for effective tuning of the dielectric nanoparticle scattering in the optical range. The spectral positions of the electric and magnetic dipole resonances depend on the dielectric particle geometry and ambient conditions [3,5,7,17,21,22]. Another approach for the resonances tuning is to change dielectric permittivity of the particle, which was achieved by means of annealing of amorphous silicon nanoparticles [23].However, modern technologies require fast, large, and reversible modulation of optical response of ultracompact functional structures. For this purpose, different types of optical nonlinearities both in metallic [24] and dielectric structures [25] have been utilized such as Kerrtype nonlinearities [26][27][28][29], free carriers generation [30][31][32] and variation of their temperature [33], as well as relatively slow thermal nonlinearity [34]. Since plasmonics has high inherent losses and photonic crystals are much larger than the wavelength, it is more desirable to use the "magnetic light" concept, dealing with both low-loss and subwavelength structures. Moreover, nonlinear manip...