The present study aims to investigate the steady-state response regimes of a device comprising a nonlinear energy sink (NES) and a giant magnetostrictive energy harvester utilizing analytical approximation. The complexification-averaging (CX-A) technique is generalized to systems defined by differential algebraic equations (DAEs). The amplitude-frequency responses are compared with numerical simulations for validation purposes. The tensile and compressive stresses of giant magnetostrictive material (GMM) are checked to ensure that the material functions properly. The energy harvested is calculated and the comparison of transmissibility of the apparatus with and without NES–GMM is exhibited to reveal the performance of vibration mitigation. Then, the stability and bifurcations are examined. The outcome demonstrates that the steady-state periodic solutions of the system undergo saddle-node (SN) bifurcation at a certain set of parameters. In the meantime, no Hopf bifurcation is observed. The introduction of NES and GMM for vibration reduction and energy harvesting brings about geometric nonlinearity and material nonlinearity. By computing both the responses of the primary system equipped with the NES only and the NES–GMM, it is indicated that the added GMM can dramatically modify the steady-state dynamics. A further optimization with respect to the cubic stiffness, the damper of NES, and the amplitude of excitation is conducted, respectively. The boundary where the giant magnetostrictive energy harvester is out of work is pointed out as well during the process of optimizing.