In this work, a carefully designed enriched finite element method (EFEM) is presented to improve the solution accuracy of the conventional FEM in analyzing the dynamic behaviors of the magnetic-electric-elastic (MEE) composite structures which are frequently used in designing various smart and intelligent devices. In formulating the proper EFEM with ideal numerical performance, different enrichment functions are considered and the corresponding solution quality of different versions of the EFEM are compared and examined in great detail. When the Lagrange polynomial basis functions together with the harmonic trigonometric functions are used as the enrichment functions, the obtained EFEM shows extremely powerful and ideal numerical performance, which are obviously better than the other versions of EFEM and the conventional FEM, in studying the free vibration and harmonic frequency responses of the MEE structures. The nearly exact numerical solutions for three-phase physical fields of MEE structures can be generated by the proposed EFEM even if very coarse mesh patterns are used. Intensive numerical studies are conducted to confirm and verify the excellent properties of the proposed EFEM in performing dynamic analysis of the MEE structures.