Two ways of controlling the acoustic waves propagation by external inductance or capacitance in a one-dimensional (1-D) piezomagnetic phononic crystal are investigated. The structure is made of identical bars, constituted of a piezomagnetic material, surrounded by a coil and connected to an external impedance. A model of propagation of longitudinal elastic waves through the periodic structure is developed and the dispersion equation is obtained. Reflection and transmission coefficients are derived from a 2 × 2 transfer matrix formalism that also allows for the calculation of elastic effective parameters (density, Young modulus, speed of sound, impedance). The effect of shunting impedances is numerically investigated. The results reveal that a connected external inductance tunes the Bragg band gaps of the 1-D phononic crystal. When the elements are connected via a capacitance, a hybridization gap, due to the resonance of the LC circuit made of the piezomagnetic element and the capacitance, coexists with the Bragg band gap. The value of the external capacitance modifies the boundaries of both gaps. Calculation of the effective characteristics of the phononic crystal leads to an analysis of the physical mechanisms involved in the wave propagation. When periodically connected to external capacitances, a homogeneous piezomagnetic stack behaves as a dispersive tunable metamaterial.