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Abstract A comprehensive study of the exciton fine structure (EFS) is presented in 2D‐phenethylammonium lead iodide films using magnetic field‐induced polarization of photoluminescence (PL) in both Faraday and Voigt configurations at fields up to 25 Tesla. Three exciton bands are identified in the PL spectrum associated with bound, dark, and bright excitons, respectively. Under a high magnetic field in Faraday/Voigt configuration, large field‐induced circular/linear polarization is observed in the PL band related to the dark exciton, which is magnetically activated. Furthermore, it is found that the dark exciton has an anomalous field‐induced circular polarization, which cannot be explained by the classical Boltzmann distribution of spin‐polarized species. These findings are well explained by an effective mass model that includes exchange terms unique to the monoclinic symmetry as a perturbation of the EFS in the approximate tetragonal symmetry. It is also confirmed that the field‐induced linear polarization is sensitive to the monoclinic exchange term, whereas the field‐induced circular polarization is immune to such term.