The magnetoelectric (ME) sensor is a new type of magnetic sensor with ultrahigh sensitivity that suitable for the measurement of low-frequency weak magnetic fields. In this study, a metglas/PZT-5B ME sensor with mechanical resonance frequency fres of 60.041 kHz was prepared. It is interesting to note that its magnetic field resolution reached 0.20 nT at fres and 0.34 nT under a DC field, respectively. In order to measure ultralow-frequency AC magnetic fields, a frequency up-conversion technique was employed. Using this technique, a limit of detection (LOD) under an AC magnetic field lower than 1 nT at 8 Hz was obtained, and the minimum LOD of 0.51 nT was achieved at 20 Hz. The high-resolution ME sensor at the sub-nT level is promising in the field of low-frequency weak magnetic field measurement technology.