Increasing switching frequency reduces magnetic volume, but conventional ferrites, used from tens to hundreds of kilohertz, cannot sustain the temperature and frequency ranges demanded by current and emerging wide bandgap and ultrawide bandgap devices. This work presents a novel magnetic material architecture combining nanocrystalline magnetic material and multiferroic layers for megahertz power conversion. The high saturation flux density of nanocrystalline alloys supports miniaturization but is traditionally constrained by excessive losses above 10 kHz. A revolutionary multiferroic material with solid-state cooling via caloric materials is defined that will enable the next generation of magnetic devices for wide-bandgap-integrated designs. This letter highlights the fundamental physics behind this capability alongside early development of a finite element analysis for the multiferroic-based magnetic device using ANSYS, showing that the core achieves more uniform thermal distribution and reduces peak temperature by 9^∘C compared to conventional ferrites.