Based on a generalized variational principle for magneto-thermo-elasticity, a theoretical model is proposed to describe the coupled magneto-thermo-elastic interaction in soft ferromagnetic plates. Using the linearized theory of magneto-elasticity and perturbation technique, we analyze the magneto-elastic and magneto-thermo-elastic instability of simply supported ferromagnetic plates subjected to thermal and magnetic fields. A nonlinear finite element procedure is developed next to simulate the magneto-thermo-elastic behavior of a finite-size ferromagnetic plates. The effects of thermal and magnetic fields on the magneto-thermo-elastic bending and buckling is investigated in some detail.