This paper introduces a thermally-compensated magnetic hysteresis model, capable of accurately determining core losses of ferrite materials while accounting for core temperature variations. The employed model is based on permeance-capacitance analogy and it captures the frequency-independent hysteresis effect with the help of the Preisach model. For validation purposes a 100 kW, 10 kHz realized medium frequency transformer prototype is selected and modeled as a part of a full-bridge LLC resonant converter in a time-domain simulation environment. Conducted simulations show the ability of the thermally-compensated magnetic hysteresis model to impact the generated core losses for core temperatures of up to 120 C. Finally, a temperature feedback loop within the transformer is successfully closed inside of a system-level simulation, allowing for a more precise determination of the core and winding steady state temperatures.