A high-sensitivity fiber optic strain and magnetic field (MF) sensor is designed by two Fabry-Perot interferometers (FPI) cascading and harmonic Vernier effect. Two cascaded FPIs consist of an intrinsic FPI1 and an extrinsic FPI2. FPI1 is fabricated by femtosecond laser pulse ablation on the single-mode fiber core. Then, FPI1 and another single-mode fiber are inserted into a quartz capillary from both sides to form FPI2. By adjusting the cavity length of FPI2, the cascaded FPI1 and FPI2 can form a harmonic Vernier effect sensor. Due to FPI1 being a cantilever beam, it is not subjected to axial strain. The strain of the sensor acts on a longer capillary, resulting in an extension of the effective length of the strain and a many fold increase in the strain sensitivity of the sensor. Due to the compact cascading of FPI1 and FPI2, this strain sensor has a very small structural size. The sensor average strain sensitivity obtained from the experiment reached 260.05 pm/με. Due to the extremely high axial strain sensitivity of this strain sensor, adhering it to the magnetostrictive material results in the average MF sensitivity of 6.82 nm/mT, and the minimum MF intensity detected by the MF sensor is 0.1 mT. The temperature crosstalk of the MF sensor is 0.3 mT/°C.