Using band charge transport model, photorefractive (PR) parameters in semiconductors in presence of applied magnetic field have been studied. It is found that external magnetic field significantly affect the photorefractive space charge electric field (ESC), convenient gain coefficient and diffraction efficiency ESC ∼105V/m, normalized gain coefficient ∼0.9m−1 and diffraction efficiency ∼90% observed at B0=2T. This value of gain coefficient and diffraction efficiency is nearly nine times higher than the value obtained in the absence of B0. A typical behavior of recording and erasure of hologram with respect to time has also been investigated. Results manifest that GaAs:Cr is efficient for ultrafast writing and erasing media for PR-grating.