We report the magnetic field sensitivity results on five layer structure given as Metglas/Terfenol-D/PMN–PZT/Terfenol-D/Metglas, where PMN and PZT correspond to Pb(Mg1/3Nb2/3)O3 and Pb(Zr,Ti)O3, respectively. The piezoelectric constant (d33) of poled PMN–PZT was found to be 1600 pC/N with dielectric constant of 5380 at 1 kHz. The sensitivity measurements were conducted after attaching individual layers in the laminate clearly delineating the effect occurring in the response. The magnetoelectric response for this five layer structure at 1 kHz was found to be 5 V/cm Oe at dc bias field of 1000 Oe under an ac drive of 1 Oe. At 1 kHz frequency, the sensor was able to deterministically measure step changes of 500 nT while at 10 Hz we can clearly identify the sensitivity of 1 μT. These results are very promising for the cheap room-temperature magnetic field sensing technology.