In power electronics, magnetic components are fundamental, and, unfortunately, represent one of the greatest challenges for designers because they are some of the components that lead the opposition to miniaturization and the main source of losses (both electrical and thermal). The use of ferromagnetic materials as substitutes for ferrite, in the core of magnetic components, has been proposed as a solution to this problem, and with them, a new perspective and methodology in the calculation of power losses open the way to new design proposals and challenges to overcome. Achieving a core losses model that combines all the parameters (electric, magnetic, thermal) needed in power electronic applications is a challenge. The main objective of this work is to position the reader in state-of-the-art for core losses models. This last provides, in one source, tools and techniques to develop magnetic solutions towards miniaturization applications. Details about new proposals, materials used, design steps, software tools, and miniaturization examples are provided.