A magnetoelectric device includes at least one reluctance component, at least one damping capacitor, and a switching circuit. The reluctance component includes a capacitive and inductive magnetic core unit having a loop-shaped first segment and a second segment connected to the first segment, and at least one coil wound around and loosely coupled to the magnetic core unit. The damping capacitor cooperates with the coil to form a resonant circuit. The switching circuit makes and breaks electrical connection between the coil and a DC power source so that an eddy current flowing through the resonant circuit may be generated for storing energy in the damping capacitor.