Bulk Terfenol-D/PZT composite material with laminated structure is prepared by sticky combination method. The magnetoelectric hysteresis loops under different frequencies are measured and analyzed by new plotting method in the polar coordinates. The results show that tiny phase drift occur in a non-resonant-frequency magnetoelectric hysteresis loop and significant phase drift as large as 90 degrees accompanied with a giant magnetoelectric effect occurs in a resonant-frequency magnetoelectric hysteresis loop. Terfenol-D powder/Epoxy/PZT composite material is prepared by fill method and used as contrast material. Comparison reveals that the phase drift in the non-resonant frequency magnetoelectric hysteresis loop is induced by eddy current in the bulk ferromagnetic constituent, while around the resonant frequency, the significant phase drift is derived from the variation of the elastic property induced by the applying magnetic field.