Accurately calculating the losses of ferromagnetic materials is crucial for optimizing the design and ensuring the safe operation of electrical equipment such as motors and power transformers. Commonly used loss calculation models include the Bertotti empirical formula and hysteresis models. In this paper, a new hybrid hysteresis model method is proposed to calculate losses—namely, the combination of the Jiles–Atherton hysteresis model (J–A) and the Fourier hysteresis model. The traditional Jiles–Atherton hysteresis model is mainly suitable for fitting the saturation hysteresis loop, but the fitting error is relatively large for internal minor hysteresis loops. In contrast, the Fourier hysteresis model is suitable for fitting the minor hysteresis loops because the corresponding magnetic induction strength or magnetic field is lower and the waveform distortion is small. Moreover, Fourier series expansion can be expressed with fewer terms, which is convenient for parameter fitting. Through examples, the results show that the hybrid hysteresis model can take advantage of the strengths of each model, not only reducing computational complexity, but also ensuring high fitting accuracy and loss calculation accuracy.