This paper proposes energy relaxation‐based approaches for the modeling of magnetostriction, with a particular focus on single crystalline magnetic shape memory alloy response. The theoretical development relies on concepts of energy relaxation in the context of nonconvex free energy landscapes whose wells define preferred states of spontaneous straining and magnetization. The constrained theory of magnetoelasticity developed by DeSimone and James [1] represents the point of departure for the model development, and its capabilities, but also limitations, are demonstrated by means of representative numerical examples. The key features that characterize the extended approach are (i) the incorporation of elastic deformations, whose distribution among the individual phases occurs in an energy minimizing fashion, (ii) a finite magnetocrystalline anisotropy energy, that allows magnetization rotations away from easy axes, and (iii) dissipative effects, that are accounted for in an incremental variational setting for standard dissipative materials. In the context of introducing elastic strain energy, two different relaxation concepts, the convexification approach and the rank‐one relaxation with respect to first‐order laminates, are considered. In this manner, important additional response features, e.g. the hysteretic nature, the linear magnetization response in the pre‐variant reorientation regime, and the stress dependence of the maximum field induced strain, can be captured, which are prohibited by the inherent assumptions of the constrained theory. The enhanced modeling capabilities of the extended approach are demonstrated by several representative response simulations and comparison to experimental results taken from literature. These examples particularly focus on the response of single crystals under cyclic magnetic field loading at constant stress and cyclic mechanical loading at constant magnetic field. (© 2015 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)