The aim of this talk is to illustrate the results of recent theoretical studies on the role of the Galactic magnetic field in the star formation process, focusing in particular on the effects of magnetic braking on the evolution of circumstellar disks and the related issue of magnetic field dissipation. The talk will point out the limitations of the classic ideal-MHD description of the star formation process and the need to include the effects of magnetic dissipation (collisional and/or turbulent resistivity) in current models for the collapse of molecular clouds and the formation/evolution of accretion disks around young stars.