High-Key Black & White Photo Effect
Now go back to the photo layer and hit Ctrl+J to duplicate it. Then hit Ctrl+] to bring it to the top of the layer stack. Set the layer’s opacity to 50%.

We’re almost done. To finish off the photo, grab the elliptical marquee tool and make a large selection in the center of the photo.

Now hit Ctrl+Alt+D to bring up the Feather Selection dialog and enter the amount you want to feather your selection. This will vary based on the size of your image. I’m entering 15px.

Finally, create another new layer and hit Ctrl+Shift+I to invert the selection. Fill it with white.

Download the PSD file for this tutorial.
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