We analyze the wave propagation in two-dimensional bianisotropic media with the Finite Element Method (FEM). Starting from the Maxwell-Tellegen’s equations in bianisotropic media, we derive some system of coupled Partial Differential Equations (PDEs) for longitudinal electric and magnetic field components. These PDEs are implemented in FEM using a solid mechanics formulation. Perfectly Matched Layers (PMLs) are also discussed to model unbounded bianisotropic media. The PDEs and PMLs are then implemented in a finite element software, and transformation optics is further introduced to design some bianisotropic media with interesting functionalities, such as cloaks, concentrators and rotators. In addition, we propose a design of metamaterial with concentric layers made of homogeneous media with isotropic permittivity, permeability and magnetoelectric parameters that mimic the required effective anisotropic tensors of a bianisotropic cloak in the long wavelength limit (homogenization approach). Our numerical results show that transformation based electromagnetic metamaterials can be extended to bianisotropic media.