A novel material characterization method for magneto-dielectric composite material was proposed. MD materials have been reported as providing new opportunities for effective antenna size reduction in many studies. Since MD materials have to be realized through material synthesis, an accurate measurement method is required to extract them. The proposed method, cavity perturbation technique using substrate integrated waveguide cavity resonator, has been demonstrated through theories, simulations and measurement that it can be used to extract both electric and magnetic properties of the MD composite material effectively. MD materials using cobalt-fluoropolymer have been synthesized and material design guidelines for antenna applications are also provided. The benefits of using MD materials on antenna miniaturization was also demonstrated by comparing the performance of an antenna on MD material to other antennae on high dielectric constant materials and FR-4 material. Through simulations and measurements, the MD material is a promising solution for next generation smartphone or wearable type applications.