Currently, the design of power electronic converters (PECs) is in a stage which looks increasing its efficiency and reducing its dimensions from basic topologies through precise analysis of losses in each device that conforms. Although there have been important advances to improve the active components of PECs, passive components, particularly inductors, have changed very little since several decades ago, and those begin a limiting factor, when a high efficiency at very high power and switching frequency, are required. It is for the foregoing that this paper reviews new ferromagnetic materials to construct inductors and achieve a substantial increasing in efficiency through magnetic permeability and hysteresis improvements. Therefore, the main objective of this work is to position the reader in the state of the art of advanced ferromagnetic materials used in PECs. Details about how they are constructed and qualitative comparison of their dynamic behavior are provided. Also, estimation methods of energy losses, applications for different types of material, and its influence on the performance of some basic PECs are presented. INDEX TERMS Amorphous magnetic materials, magnetic materials, power conversion, soft magnetic materials.