A systematic development of a continuum model is presented, which is capable of describing the magneto-mechanical behavior of magnetic polymer gels commonly referred to as “ferrogels”. In the present research, ferrogels are treated as multicomponent, multiphase materials. They consist of a polymer network (P), fixed magnetic particles (f), mobile magnetic particles (m), and liquid (L). By considering ferrogels as multicomponent materials, interaction among constituents of ferrogels can be captured. This helps in understanding the process occurring inside ferrogels under the influence of external stimuli, such as magnetic fields. In our modeling approach, the field equations of ferrogels are derived within the framework of the theory of mixtures. The basic equations include Maxwell’s equations, balance of mass, linear momentum, angular momentum, energy, and entropy. In the framework of the theory of mixtures, balance relations are first presented at the constituent level also referred to as partial balance relations. By summing partial balance relations over all constituents and imposing the restrictions of theory of mixtures, balance relations of mixture (for the ferrogel) are obtained. In the current work the specific magnetization (magnetization per density) is considered as an evolving variable. It is demonstrated that balance of angular momentum is satisfied using the evolution equation of specific magnetization and constitutive laws. In the process of modeling, a suitable free energy function is introduced and thermodynamically consistent constitutive laws are formulated. Introducing certain assumptions, a reduced model of the ferrogel, a coupled magneto-mechanical formulation, is subsequently presented. The reduced model consists only of a polymer network (P) and fixed magnetic particles (f). It is concluded that the reduced model compares well to the existing ones in the literature. The magneto-mechanical problem based on the reduced model is solved in 2D using the finite element method. The only unknowns for the finite element method implementation are mechanical displacement and magnetic potential. Deformation of a ferrogel in a magnetic field is subsequently investigated. Elongation and contraction of a ferrogel are observed when a magnetic field is applied in the x- and y-directions, respectively. The numerical results were compared with existing experimental work in the literature. A good qualitative agreement was found between numerical and experimental results.