In this article, a magnetomechanical metamaterial structure capable of simultaneous vibration attenuation and energy harvesting is presented. The structure consists of periodically arranged local resonators combining cantilever beams and permanent magnet-coil systems. A prototype of the metamaterial dual-function structure is fabricated, and models are developed. Results show good agreement between model simulation and experiment. Two frequency bandgaps are measured: 205–257 Hz and 587–639 Hz. Within these bandgaps, vibrations are completely attenuated. The level of vibration attenuation in the first bandgap is substantially larger than the level of vibration attenuation observed in the second bandgap. Mode shapes suggest that bending deformations experienced by the local resonators in the second bandgap are less than the deformations experienced in the first bandgap, and most vibrational energy is localized within the first bandgap where the fundamental resonant frequency is located, i.e., 224 Hz. The ability of the fabricated metamaterial structure to harvest electric power in these bandgaps is examined. Results show that vibration attenuation and energy harvesting characteristics of the metamaterial structure are coupled. Stronger vibration attenuation within the first bandgap has led to enhanced energy harvesting capabilities within this bandgap. Power measurements at optimum load resistance of 15 Ω reveal that maximum power generated within the first bandgap reaches 5.2 µW at 245 Hz. Compared with state-of-the-art, the metamaterial structure presented here shows a significant improvement in electric power generation, at considerably lower load resistance, while maintaining the ability to attenuate undesired vibrations within the frequency bandgap.