This paper presents a new multilevel magnetic component tester circuit and testbench to characterize high-frequency magnetics for power electronics applications. The proposed circuit topology is reconfigurable and enables the testing of magnetics under various excitation conditions: triangular flux, trapezoidal flux, the presence of DC bias, and a combination of low-frequency and high-frequency excitations. Furthermore, the proposed topology enables the popular two-winding-based measurement approach to quantify the core losses. A SiC-MOSFET-based hardware prototype of the multilevel converter is developed in the laboratory to enable higher operating frequencies. Experimental results from the hardware testbench are provided to validate the multilevel and multifrequency operational capabilities of the magnetic tester circuit.