There is a continuing need to simulate power electronic circuits that include magnetic components. It is necessary to determine the interaction of the magnetic component with the rest of the power electronic system so that a dynamic circuit model of the magnetic components including material saturation and iron losses is required. Also, the magnetic component model must be valid when the magnetic component's excitation is not sinusoidal.A dynamic magnetic circuit model derived from Maxwell's equations along with useful theorems for building circuit models from the structure of the magnetic device is reviewed. The developed circuit models are general including magnetic saturation and iron losses. Simulation results for a DC/DC converter employing a conventional gapped inductor and a gapped coupled inductor are presented.