Abstract: In order to provide more accurate reference for the design planning of high-frequency transformers, this paper presents a dynamic hysteresis model suitable for simulating the nanocrystalline magnetic ring hysteresis characteristics under the pulse width modulation (PWM) wave excitation. Firstly, an inverted Everett function was devised based on the static concentric hysteresis loops to realize the precise simulation of static hysteresis loss and its associated magnetic field using the Preisach model. Subsequently, based on the consistency of the ratio between the eddy current loss under sinusoidal excitation and that under PWM excitation, by equivalent conversion of the eddy current field expression obtained from the sinusoidal excitation considering the skin effect, the eddy current field expression under the PWM wave excitation was finally obtained, broadening the application range of the eddy current field expression under the sinusoidal excitation. The vortex field expression under PWM wave excitation is obtained by equivalent conversion of the vortex field expression obtained by considering the skinning effect under sinusoidal excitation, which broadens the scope of application of the vortex field expression under sinusoidal excitation. The simulation results show that the proposed model can accurately fit the hysteresis loops and the loss errors of nanocrystalline materials are all within 10%. Further, the relationship between the statistical parameter V of the anomalous loss and the duty cycle D and frequency f under high-frequency PWM wave excitation is discussed, and the trend of the anomalous loss on each relevant parameter under high-frequency PWM wave excitation is summarized, which provides a reference to the application scenarios of nanocrystalline materials under high-frequency PWM waves. Finally, the accuracy of the proposed dynamic hysteresis model is verified by comparing the simulation results with the experimentally measured data.