A cross-band frequency hopping high power microwave (HPM) oscillator with permanent magnet package was proposed. The oscillator comprises of an inner Ku-band hollow oscillator and an outer C-band coaxial oscillator. By comparing with other cross-band HPM oscillators, this device is quite compact and high efficiency, for the guiding magnetic field is as low as 0.43 T, which is provided by a 74 kg permanent magnet. Since the cathode can be adjusted telescopically to produce annular electron beams at different radius, different bands HPMs can be generated in the inner and the outer slow wave structure. Verified by particle-in-cell simulation, a HPM with a frequency of 7.8 GHz and a power of 3.1 GW is achieved for C-band, corresponding to a power efficiency of 45%. Respectively, a Ku-band HPM output with a frequency of 14.4 GHz and a power of 1.3 GW were obtained, corresponding to a power efficiency of 45%.