Organic light-emitting diode with a structure of ITO/CuPc/NPB/Alq3/LiF/Al is fabricated. The excitons of the device are produced by laser irradiation using two kinds of laser beams which are at 442 nm and 325 nm, and the evolutions of the excitons are controlled by a small bias (which is either positive or negative, and ensures that the device does not turn on). The photo-induced magneto-conductance (PIMC), which is the dark current of the device showing no magnetic response at a small bias, is also measured at the same time. It is found that unlike the magneto-conductance in the electrical injection case, the PIMC presents significantly different results at the positive and negative small bias. The PIMC of the device increases rapidly in a range of 0-40 mT at a small forward bias, then increases slowly with the further increase of magnetic field, and finally becomes saturated gradually. But in the case of small reverse bias, although the PIMC of the device also first increases rapidly with the increase of magnetic field (0-40 mT), but it decreases after its maximum value has been reached. By using a composite model of electron-hole pairs and the theory of hyperfine interaction, the PIMC effect at the forward bias can be explained by analyzing the effects of the applied magnetic field on the micro-processes of the light-generated carrier of the device. When the device is in the case of reverse bias, due to the fact that the relationship of the energy-band of each organic layer provides the necessary conditions for the interactions between exciton and charge, the decrease of PIMC in high magnetic-fields can be attributed to the mechanism of reaction between triplet exciton and charge.