We review the materials paradigm for metal amorphous nanocomposite (MANC) soft magnetic materials to showcase in solid state transformers (SSTs). We report 2D finite element analysis (FEA) of 3-phase SSTs operating at 50 Hz–10 kHz frequencies. We benchmark materials in designs to control high frequency losses and achieve higher power densities. FEA models are solved in the time domain for line frequencies of 50 Hz–10 kHz and 100 KW output power for the first 4 cycles. Transformer topologies are coupled to a power analysis using a Steinmetz parameterization of magnetic losses capturing induction and field scaling for transformer grade Si steel as compared to Metglas, Ferrite, FINEMET, Co- and FeNi-based MANCs. Recently discovered FeNi-based MANCs allow smaller transformers at equivalent power as compared to Si steel, Metglas, and Co-based MANCs. Fe-rich and non-Co containing MANCs also offer economies based on lower raw materials costs compared with Co-based MANCs.