In recent years, it was found that magnetostrictive ultrasonic guided wave transducers experimentally excited nonlinear harmonic components under a certain combination of dynamic and static magnetic fields. However, a satisfactory model for the relevant excitation mechanisms is not available. In this study, a new magnetostrictive guided wave excitation model was established and the causes for harmonics generation were analyzed. In addition, the calculation results of the model were obtained under different magnetic field parameters. We firstly changed the calculation conditions of magnetostrictive strain in the model and then theoretically calculated the odd and even harmonics of SH0 mode ultrasonic guided waves for the first time. Furthermore, the accuracy of the model was experimentally verified. By changing the strength ratio of the dynamic magnetic field to the static magnetic field (HD/HS), the excitation amplitudes of odd and even harmonics could be regulated with a magnetostrictive sensor. As the ratio of HD/HS increased, the normalized amplitude of the second harmonic firstly increased and then decreased, whereas the normalized amplitude of the third harmonic showed an exponential growth with different curvatures. This study enriched the theory of magnetostrictive guided wave excitation and provided a theoretical basis for the applications of magnetostrictive sensors.