The magnetoelectric (ME) sensor is a new and promising type of magnetic field sensor with ultrahigh sensitivity. However, there are few reports on the research of real‐time measurement system which can promote its practical application. Herein, a novel real‐time measuring approach for weak AC magnetic fields at relatively low frequency is proposed using Metglas/PZT‐5B ME sensors. The system mainly consists of an oscilloscope, a signal generator, and a program developed with LabVIEW programming. Real‐time measurement of relatively low‐frequency magnetic fields has been achieved by using frequency upconversion methods, simultaneously displaying the frequency and magnitude of the magnetic field. As a result, the real‐time measurement system is able to detect a weak AC magnetic field as low as 0.1 nT@1 Hz, which is promising to push the ME sensor to practical application.