Wiegand wires are unique ferromagnetic materials that display rapid magnetization reversal and a large Barkhausen jump under an applied field. This stable reversal can be used to induce a periodic pulse voltage in a pickup coil wrapped around the Wiegand wire. To unlock the full potential of Wiegand wires for magnetic sensors and devices, the magnetic structure and magnetization state of the Wiegand wire must be fully elucidated. In this study, hysteresis loops were used to reveal the magnetic structure of Wiegand wires. Wiegand wires of different diameters magnetized under different applied magnetic field strengths were analyzed in detail. Our results show that Wiegand wires 0.06 mm in diameter are composed solely of a hard magnetic core. Wiegand wires above 0.10 mm in diameter have a hard magnetic core, a middle layer, and a soft layer that decreases in thickness but increases in coercivity as the wire diameter decreases. Then, theoretical models were built to predict the magnetic structure of Wiegand wires under an applied field for the first time. The magnetization process of Wiegand wires with different diameters under different applied magnetic fields was also analyzed.