Spraying of wheat seedlings with aqueous preparations of CGA 245704 (BION) caused a slight decrease in chlorophyll content accompanied by the stable increase in the rate of O<sub>2</sub> evolution per chlorophyll. Stimulant effect of BION on photosynthetic activity depended on both the ai concentration and number of treatments. Biophysical methods based on the registration of slow fluorescence induction and thermoluminescence of wheat leaves revealed the stimulation of photosystem II activity and the increase in the rate of electron transport between the photosystems in treated plants. It is also shown that BION itself can show a partial fungitoxic activity because it slowed down the germination of Erysiphe graminis f.sp. tritici fungi. This is obviously the reason for partial protective effect of BION when it was applied after the inoculation of wheat seedlings with the pathogen.