In this chapter, the light-induced electron paramagnetic resonance study of magnetic, relaxation, and dynamic parameters of spin charge carriers stabilized and photoinduced in polymer:fullerene and polymer/polymer:fullerene nanocomposites is described. The interaction of positively charged polarons and negatively charged fullerene anion radicals becomes smaller in spin pairs preinitiated, due to interaction with their microenvironment, and affects a charge separation in such systems. A nanoscope probe can supply information about the structure and dynamics of a microenvironment. Illumination initiates the appearance in a polymer matrix of spin traps, whose number and energy depth are governed by photon energy. A part of charge carriers can be captured by such traps that decrease the conversion efficiency of a composite. The decay of long-living spins captured depends on the spatial distance between the charge carriers photoinduced, on the structure of a composite, and also on the energy of exciting photons. Magnetic, relaxation, and dynamics parameters of spin charge carriers are governed by the photon energy due to inhomogeneous distribution of polymer and fullerene domains in the composite. An interaction of different domestic and/or photoinduced spin packets deepens the overlapping of their wave functions and leads to the increase in the energy barrier which overcomes the polaron crossing through bulk heterojunctions of polymer nanocomposite. This can open new horizons for the creation of flexible and scalable organic molecular devices with handled spin-assisted electronicproperties.