In this study, we present the observation of the giant magnetoelastic effect that occurs in soft elastomer systems without the need of external magnetic fields and possesses a magnetomechanical coupling factor that is four times larger than that of traditional rigid metal-based ferromagnetic materials. To investigate the fundamental scientific principles at play, we built a linear model by using COMSOL Multiphysics, which was consistent with the experimental observations. Next, by combining the giant magnetoelastic effect with electromagnetic induction, we developed a magnetoelastic generator (MEG) for biomechanical energy conversion. The wearable MEG demonstrates an ultrahigh output current of 97.17 mA, a low internal impedance of around ∼40 Ω, and an intrinsic waterproof property. We further leveraged the wearable MEG as an ultrahigh current power source to drive a Joule-heating textile for personalized thermoregulation, which increased the temperature of the fiber-shaped resistor by 0.2 °C. The development of the wearable MEG will act as an alternative and compelling approach for on-body electricity generation and arouse a wide range of possibilities in the renewable energy community.