The temporal and spatial controllability of charge distribution in submicron structures opens new avenues for potential applications and for the understanding of nonequilibrium processes. Here we suggest a novel way to trigger and control within picoseconds charge currents and magnetic moments in nanoscopic and mesoscopic ring structures by applying two shaped, time-delayed light pulses. Our quantum dynamic calculations show that the magnitude and direction of the induced currents are tunable by varying the time delay and strengths of the pulses. Furthermore, in an array of rings desirable magnetic orders are generated depending on the ring sizes and particle number.