The currently accepted theory of self-exciting dynamo generating magnetic field of the Earth and its shortage of energy is critically reviewed. Based on thermodynamic approach, a new hypothesis of the Earth's magnetic field, created by thermo-electrochemical processes of the Earth's degassing, gravitational differentiation and their energy, is proposed. The ion-exchange, extraction and solidification are sources of the ionic currents on solid core and lower mantle boundaries. These currents are carried by thermo-chemical flows, which create the primary exciting magnetic field. This field is amplified mostly by thermoelectricity generated by heat flow thus improving the heat and matter transport from the Earth's core and lower mantle to surface. Migration of the solidification zones and inner core precession are the main causes of changes of the main magnetic field intensity and reversals of its polarity.