A kind of temperature and magnetic field sensor using Fabry-Perot interferometers (FPIs) and Vernier effect to enhance sensitivity is proposed. The sensor structure involves filling the FP air cavities with polydimethylsiloxane (PDMS) and magnetic fluid (MF) to create the PDMS and MF cavities for temperature and magnetic field detection, respectively. The two cavities are reflective structures, which are interconnected in series through a fiber-optic circulator. Experimental data demonstrates that the Vernier effect effectively enhances the sensor sensitivity. The average temperature sensitivity of the sensor is 26765 pm/°C within the range of 35∼39.5°C. The magnetic field intensity sensitivity is obtained to be -2245 pm/mT within the range of 3∼11 mT. The sensitivities of the temperature and magnetic field using the Vernier effect are about five times larger than those of the corresponding single FP cavity counterparts.