Ultra-compact wireless implantable medical devices are in great demand for healthcare applications, in particular for neural recording and stimulation. Current implantable technologies based on miniaturized micro-coils suffer from low wireless power transfer efficiency (PTE) and are not always compliant with the specific absorption rate imposed by the Federal Communications Commission. Moreover, current implantable devices are reliant on differential recording of voltage or current across space and require direct contact between electrode and tissue. Here, we show an ultra-compact dual-band smart nanoelectromechanical systems magnetoelectric (ME) antenna with a size of 250 × 174 µm2 that can efficiently perform wireless energy harvesting and sense ultra-small magnetic fields. The proposed ME antenna has a wireless PTE 1-2 orders of magnitude higher than any other reported miniaturized micro-coil, allowing the wireless IMDs to be compliant with the SAR limit. Furthermore, the antenna's magnetic field detectivity of 300-500 pT allows the IMDs to record neural magnetic fields.