This paper proposes a nonlinear dynamic model of magnetic components for use in circuit simulators. It includes the material's nonlinear hysteresis behavior with accurate modeling of winding and core losses in addition to thermal effects that are not considered by existing models. The model is based on the principle of separation of static and dynamic contributions as well as Bertotti's theory. Very high speed integrated circuits hardware description language-analog and mixed signals is used as a modeling language due to its multi-domain modeling feature, allowing coupling with a thermal model. The thermal model is represented by a temperature source for static thermal conditions or by an equivalent thermal circuit for self-heating conditions. The magnetic component model is implemented in circuit simulation software SIMPLORER and validated by modeling a nanocrystalline-core inductor. The effects of frequency, temperature, and waveform are studied.