Specific features of spin relaxation and the kinetics of spin effect generation in radical pairs (RPs) undergoing subdiffusive relative motion are studied in detail. Two types of processes are analyzed: (1) spin relaxation in biradicals, resulting from anomalously slow subdiffuisive reorientation (with the correlation function P(t) similar to (wt)(-alpha), where 0 < alpha < 1) and (2) spin effect generation in subdiffusion-assisted RP recombination. Analysis is made with the use of the non-Markovian stochastic Liouville equation (SLE) derived Within the continuous time random walk approach. The SLE predicts anomalous (very slow and nonexponential) spin relaxation in biradicals which results in some peculiarities of the spectrum of the system. In RP recombination, the subdiffusive relative motion shows itself in slow dependence of the reaction yield Y-r on reactivity and parameters of the RP spin Hamiltonian and anomalous electron spin polarization of escaped radicals. The spectrum of the reaction yield detected magnetic resonance, that is, the Y, dependence on the frequency omega of microwave field, is found to be strongly non-Lorenzian with the width determined by the field strength omega(1) and very broad wings depending on alpha. Analysis shows that the majority of interesting, specific features of the observables in both systems are controlled only by the parameter a.