In this paper, we develop a theoretical principle to calculate the direct and converse magnetoelectric (ME) coupling response of ferromagnetic/ferroelectric composites with 2–2 connectivity. We first present an experimentally based constitutive equation for Terfenol-D, and then build the mechanism of domain switch for the ferroelectric phase. In the latter, the change of Gibbs free energy, thermodynamic driving force and kinetic equations for domain growth are also established. These two sets of constitutive equations are shown to capture the experimental data of Terfenol-D and PZT, respectively, well. For the direct effect under an applied magnetic field, the induced electric field and the overall ME coupling coefficient are determined. For the converse effect under an applied electric field, the induced magnetization and the excited magnetic field are obtained. Both the induced electric filed under direct effect and the excited magnetic field under converse effect are shown to display the hysteretic characteristics, and also in good agreement with experiments. We conclude that the developed theory can both qualitatively and quantitatively reflect the essential features of nonlinear direct and converse ME coupling of the multiferroic composites.