Over the past few decades, tactile sensors have become an emerging field of research with direct applications in the area of biomedical engineering. New types of tactile sensors, called magneto-tactile sensors, have recently been developed. The aim of our work was to create a low-cost composite whose electrical conductivity depends on mechanical compressions that can be finely tuned using a magnetic field for magneto-tactile sensor fabrication. For this purpose, 100% cotton fabric was impregnated with a magnetic liquid (EFH-1 type) based on light mineral oil and magnetite particles. The new composite was used to manufacture an electrical device. With the experimental installation described in this study, we measured the electrical resistance of an electrical device placed in a magnetic field in the absence or presence of uniform compressions. The effect of uniform compressions and the magnetic field was the induction of mechanical–magneto–elastic deformations and, as a result, variations in electrical conductivity. In a magnetic field with a flux density of 390 mT, in the absence of mechanical compression forces, a magnetic pressure of 5.36 kPa was generated, and the electrical conductivity increased by 400% compared to that of the composite in the absence of a magnetic field. Upon increasing the compression force to 9 N, in the absence of a magnetic field, the electrical conductivity increased by about 300% compared to that of the device in the absence of compression forces and a magnetic field. In the presence of a magnetic flux density of 390 mT, and when the compression force increased from 3 N to 9 N, the electrical conductivity increased by 2800%. These results suggest the new composite is a promising material for magneto-tactile sensors.