We studied the dispersion diagram of a 2D magnetoelectroelastic phononic crystal (MPnC) with Kagomé lattice. The MPnC is composed of BaTiO3–CoFe2O4 circular scatterers embedded in a polymeric matrix. The improved plane wave expansion (IPWE) approach was used to calculate the dispersion diagram (only propagating modes) of the MPnC considering the classical elasticity theory, solid with transverse isotropy and wave propagation in the xy plane. Complete Bragg-type forbidden bands were observed for XY and Z modes. The piezoelectric and the piezomagnetic effects significantly influenced the forbidden band widths and localizations. This investigation can be valuable for elastic wave manipulation using smart phononic crystals with piezoelectric and piezomagnetic effects.