Experimental and calculating analysis of magnetic losses for giant magnetostrictive materials is necessary steps for the design of high power magnetostrictive transducer. In order to further research the magnetic energy losses characteristics, a Terfenol-D rod was sectioned along different directions, and these slices were made into several square annular sheet samples. The influences of magnetization direction and dimension parameter on the magnetic losses were compared and analyzed. Under different frequency and magnetic density of driving magnetic field, the magnetic energy losses were measured to analyze the variation trends of the losses. Based on the loss separation formula and measured data, the effects of eddy current skin effect and dynamic hysteresis characteristics were taken into consideration. The variation trends of the losses coefficients were investigated with numerical simulation. The results showed that the high frequency magnetic energy losses for Terfenol-D were increased rapidly in both value and growth rate with the increase of frequency and magnetic density. When the frequency was 5kHz, the losses were increased from 2.742W/kg to 153.890W/kg as the flux density was varied from 0.01T to 0.09T. The losses were increased by 55.12 times. When the flux density was 0.05T, the losses were increased from 8.138W/kg to 319.428W/kg as the frequency was increased from 1kHz to 20kHz. The losses were increased by 38.25 times. The losses coefficients varied with high frequency and magnetic density. When the frequency was above 5kHz and the magnetic density was higher than 0.05T,the average error of the model between the calculated value and the measured value was 3%. The numerical model was suitable for calculating high magnetic energy losses of Terfenol-D. It can provide a theoretical and experimental guidance for the high frequency applications of magnetostrictive materials.