We investigate the exclusive B \rightarrow \gamma \ell ⁺ \ell ^- decay in the general two Higgs Doublet Model (model III) including the neutral Higgs boson effects with an emphasis on possible CP-violating effects. For this decay, we analyze the dependencies of the forward--backward asymmetry of the lepton pair, A_FB, CP-violating asymmetry, A_CP, and the CP-violating asymmetry in forward--backward asymmetry, A_CP(A_FB), on the model parameters and also on the neutral Higgs boson effects. We have found that A_FB\sim 10^-1, 10^-2, A_CP\sim 10^-2, 10^-1 and A_CP(A_FB) \sim 10^-2, 10^-1 depending on the relative magnitude of the Yukawa couplings \bar \xi _N,tt^U and \bar \xi _N,bb^D in the model III. We also observe that these physical quantities are sensitive to the model parameters and neutral Higgs boson effects are quite sizable for some values of the coupling \bar \xi _{N,\tau \tau} ^D.

PACS numbers: 12.60.Fr, 13.20.He