Combining the motion equation with the constitutive equations of the magnetostrictive and piezoelectric materials and considering the influence of the finite input impedance of the capacitance of coaxial cable and the measuring instrument on output voltage produced by magnetoelectric element, the theoretical formula of magnetoelectric voltage sensitivity was derived. A sandwich structureed magnetoelectric element consisting of one-dimensional terfenol-D thin bars and transversely polarized Pb(Zr1-xTix)O3 piezoelectric materials was developed. The property of the element was tested also. The theoretical results are in better agreement with the experimental after taking account of the finite input impedance. The theoretical results show that the magnetic sensitivity of the magnetoelectric element at lower excitation frequency and with finite input impedance is about 150 mV/Oe, while the magnetic sensitivity in open circuit situation is about 290 mV/Oe.