The core of the inductor used in a high-frequency switching power converter usually operates on a local magnetization curve under DC bias, and is easily saturated. In this paper, a novel inductor with a metamaterial core is proposed, in which the magnetic core is replaced by coil units. The coil units can achieve an equivalent permeability comparable to that of the commonly used magnetic powder core material at the working frequency. The design and analysis methods for an inductor with a metamaterial core are described in detail. The proposed inductor is insensitive to the DC component, but can store and transmit the energy of the pulse component. The inductor with a metamaterial core has low loss and is lightweight, which helps increase the power density.