Although it has been well known that materials in which both space inversion and time reversal symmetries are broken can host optical magneto-electric effect, i.e., change in optical constants with the reversal of propagating direction of light, the largest change in absorption ever reported on this effect was 0.2%. Here we show that optical absorption in noncentrosymmetric weak ferromagnetic material CuB 2 O 4 changes by more than 100% with reversal of a low magnetic field of 300 Oe. The gigantic optical magneto-electric effect is ascribed to the canted antiferromagnetic spin ordering of squarecoordinated Cu 2þ sites, where the local inversion is slightly broken. Linear magneto-electric (ME) effect -induction of magnetization by an electric field or of electric polarization by a magnetic field is anticipated in crystals which have neither space-inversion nor time-reversal symmetry.1,2) One of the intriguing effects in such ME materials is a peculiar nonreciprocal optical effect, which is a change in optical constants with the reversal of propagating direction of light.3-6) This effect can be regarded as an expansion of linear ME effects into optical frequencies. The nonreciprocal optical effect in ME materials is classified according to the type of the light polarization. For circularly polarized light, such a nonreciprocal optical effect was first observed in Cr 2 O 3 by Pisarev et al.3) and Krichevtsov et al. 4) In a Cr 2 O 3 single crystal after magneto-electric cooling process to align antiferromagnetic domain, gyrotropic birefringence was observed in transmission 3) and reflection. 4) In materials with spontaneous magnetization M s and polarization P s , a similar nonreciprocal effect, termed optical magneto-electric (OME) effect hereafter, arises when light propagates in the P s  M s direction. 5,6) This type of OME effect was reported in GaFeO 3 , in which P s and M s are along the b and c axes, respectively.5-7) The group theory predicts the existence of the bc and cb terms of linear ME tensor . Electromagnetic wave propagating along the a axis consists of electric field E ! b (E