The analytical solution of two magnetic-electro-elastic materials with hole-initiated cracks are investigated under anti-plane shearing. The modeling of the cracks is achieved by applying a pair of negative shear stresses in the region where the cracks occur. During this investigation, the fundamental solution of the displacement field is expressed by Green’s function method. The expressions of the magneto-electric-elastic wave fields around the interface can be obtained by using the wave function expansion method and Sommerfeld radiation conditions. Then, combined with permeable electromagnetic boundary conditions, the crack problem is reduced to a system of the first kind of Fredholm’s integral equations, from which the dynamic stress intensity factor (DSIF) at the crack tip is obtained. Finally, various examples are provided to illustrate the effects of the geometrical parameters, material properties, wave number, and incident angle on the DSIF. Compared with previous traditional numerical and analytical methods, the methods proposed in this article are more applicable in practical engineering and theoretical analysis.