Magnetostrictive materials are essential components in sensors, actuators, and energy‐storage devices due to their ability to convert mechanical stress into changes in magnetic properties and vice‐versa. However, their operation typically requires physical contact to apply stress or relies on magnetic field sources to control magnetic properties. This poses significant limitations to devices miniaturization and their integration into contactless technologies. This work reports on an approach that overcomes these limitations by using light to transfer mechanical stress to a magnetostrictive device, thereby achieving non‐contact and reversible opto‐mechanical control of its magnetic and electrical properties. The proposed solution combines a magnetostrictive Fe70Ga30 thin film with a photo‐responsive Liquid Crystalline Network (LCN). Magnetic properties are modulated by changing the light wavelength and illumination time. Remarkably, the stable shape change of the LCN induced by ultraviolet (UV) light leads to the retention of magnetic properties even after the light is switched off, resulting in a magnetic memory effect with an energy consumption advantage over the use of conventional magnetic field applicators. The memory effect is erased by visible light, which releases the mechanical stress in the photoresponsive layer. Therefore, this new composite material creates a fully reconfigurable magnetic system controlled by light.