Based on the theory of magnetoacoustic coupled dynamics, the purpose of this paper is to evaluate the dynamic stress concentration near an elliptical opening in exponential-gradient piezomagnetic materials under the action of antiplane shear waves. By the wave function expansion, the solutions for the acoustic wave fields and magnetic fields can be obtained. Stress analysis is performed by the complex function method and the conformal mapping method, which are used to solve the boundary conditions problem, and is used to express the dynamic stress concentration coefficient (DSCC) theoretically. As cases, numerical results of DSCCs are plotted and discussed with different incident wave numbers and material parameters by numerical simulation. Compared with circular openings, elliptical openings are widely used in material processing techniques and are more difficult to solve. Numerical results show that the dynamic stress concentration coefficient at the elliptical opening is strongly dependent on various parameters, which indicates that the elliptical opening is more likely to cause crack and damage to exponential-gradient piezomagnetic materials.