The magnetoelectric(ME) effect of the particulate magnetostrictive/piezoelectric composite was theoretically studied. The dependence of the ME voltage coefficients on the material properties of the magnetostrictive phase was discussed. The permittivity, permeability and the elastic modulus of the magnetostrictive phase generally have obvious influences on the ME voltage coefficients. The magnetostrictive phase with a large permittivity, large permeability or stiffer modulus will respectively contribute to the higher ME voltage coefficients. For a certain kind of piezoelectric matrix, the ME voltage coefficients can be improved to some extent by choosing those magnetostrictive materials with large permittivity, permeability or high elastic modulus.