Magnetothermal stimulation is key in biomedical applications like tumor ablation, drug delivery, and regenerative therapies. A common method involves injecting magnetic particles that heat under an alternating magnetic field (AMF). However, uncontrolled heating can damage healthy tissues. Maintaining temperatures below 45 °C is critical. Using materials with a Curie temperature (Tc) near this limit offers a self-regulating solution, as magnetization—and thus heating—drops sharply at Tc. This study explores Mn0.65Fe1.30P0.65Si0.37 (MCM), a magnetocaloric material composed of non-toxic elements and featuring a tunable Tc. It is engineered to exhibit a Tc of 43 °C, close to the safe physiological threshold. MCM particles are encapsulated in a wax matrix to form a composite that responds to AMF exposure. Heat generated by MCM particles triggers the wax phase transition, while the obtained Tc enables the composite to achieve self-limiting thermal regulation under magnetic field exposure. Biocompatibility tests using human umbilical vein endothelial cells (HUVECs) show over 90% cell viability in direct and indirect contact. Stability tests in phosphate buffers at 37 °C confirm controlled degradation over 28 days. These results demonstrate that MCM is a promising, burn-free magnetic material for safe, localized heating, supporting its use in self-regulating, temperature-responsive biomedical systems.