Various examples of a high frequency, inductor and transformer core loss characterization and measurement method and system for arbitrary waveforms are disclosed herein. A system and method for determining core loss of a magnetic core can include generating a waveform to excite a first test circuit which comprises an excitation circuit, a circuit under test (CUT) comprising the magnetic core, and an inductance circuit having an inductor connected in parallel to the CUT. The method includes measuring a first current, when the first test circuit is excited. The method includes disconnecting the CUT from the first test circuit to form a second test circuit. The method includes generating the waveform to excite the second test circuit, and measuring a second current, when the second test circuit is excited. The power loss for the magnetic core is calculated based on an input voltage and the first and second measured current.