In this study, the impact of DC magnetic field on the power production, open-circuit voltage, photocurrent density and fill factor of a silicon photovoltaic (PV) cell/module is assessed. In this regard, the influence of DC magnetic field is first evaluated by presenting a novel theoretical electromagnetic force analysis formulating essential basis and concepts. Then, experimental measurements and data obtained from several tests conducted by arranging two different setups are given that verify theoretical results. In theory and practice, it is shown that depending on the direction of a DC magnetic field applied to a monocrystalline or polycrystalline silicon PV cell/module, different effects are observed. In detail, when the DC magnetic field points along the junction electric field of the silicon PV cell(s), i.e., the directions of the DC magnetic field and junction electric field are same or opposite, it has no effect on the parameters of the silicon PV cell/module. But, the power production, open-circuit voltage and photocurrent density of the silicon PV cell/module decrease when the DC magnetic field points in the other directions. Moreover, the reduction in the power production, open-circuit voltage and photocurrent density reaches its maximum when the DC magnetic field is applied in the direction perpendicular to the junction electric field. The above-mentioned points concluded in this paper are the contributions of this work to the state of the art of the topic.