Purpose. Study of the dependence of the thermal modulus of elasticity of a two-component magnetic fluid on the magnitude of the magnetic field strength, the frequency of external disturbance and the volumetric concentration of magnetic particles.Method. The research method is based on the kinetic theory of liquid systems. Based on previously constructed kinetic equations for one-particle and two-particle distribution functions and a microscopic expression for the heat flux vector, an explicit dynamic expression for the thermal modulus of elasticity of magnetic fluids is obtained. In fast processes in liquids, heat transfer occurs in waves and their propagation is similar to the propagation of second sound in helium II. The thermal modulus of elasticity in liquids appears at high frequencies and ensures the propagation of second sound. The expression for the thermal modulus of elasticity consists of potential and kinetic parts, taking into account structural and translational relaxation processes, respectively. To study the thermoelastic properties of magnetic fluids, appropriate expressions of potential interaction energies were selected for each subsystem, allowing for numerical calculations.Results. Numerical calculations of the frequency and concentration dependence of the dynamic thermal modulus of elasticity in the presence of an external magnetic field in a kerosene-based magnetic fluid were carried out. The calculation results show that an increase in the influence of external disturbances leads to a nonlinear increase in the thermal modulus of elasticity in the magnetic fluid. An increase in the volume concentration of magnetic particles and an increase in the magnetic field strength also led to a nonlinear increase in the thermal modulus of elasticity in the magnetic fluid.Conclusion. It has been established that, due to taking into account translational and structural relaxation processes, the region of frequency dispersion of the thermal elastic modulus is wide. Numerical calculations carried out at different values of the external magnetic field and the volume concentration of magnetic particles showed that although an increase in the magnetic field and concentration of magnetic particles leads to an increase in the thermal modulus of elasticity, their increase does not affect the change in the frequency dispersion region.