Quantitative estimation of core loss considering magnetic hysteresis property is strongly required to develop high-efficient electrical machines. This paper presents a novel magnetic circuit model considering magnetic hysteresis. In the proposed model, dc hysteresis loss is calculated by the Landau-Lifshitz-Gilbert (LLG) equation, while classical and anomalous eddy current losses are calculated in the magnetic circuit. It is demonstrated that the hysteresis loop under PWM wave excitation can be expressed by the proposed model. The validity and effectiveness of the method are proved by comparing with measured values.