That's called quantum electrodynamics. For an introduction, cf. Feynman's ``QED: The strange theory of light and matter''. The lectures were videotaped here:
http://www.vega.org.uk/video/subseries/8
For a more formal approach, cf. https://ocw.mit.edu/courses/physics/8-324-relativistic-quantum-field-theory-ii-fall-2010/lecture-notes/
Quantum principles are not applied to magnetic field, because magnetic field is a case of electrostatic, whereas QED is a dynamic case where quantization has been done for electromagnetic field, not only magnetic field.