Considering the magneto-mechanical coupling of magnetostrictive material, the tunability of in-plane wave propagation in two-dimensional Terfenol-D/epoxy phononic crystal (PC) plate is investigated theoretically by the plane wave expansion method. Two Schemes, i.e. magnetic field is rotated in x–y plane and x–z plane, are studied, respectively. The effects of amplitude and direction of magnetic field, pre-stress and geometric parameters are discussed. For Scheme-I, band gap reaches the maximum at an optimal angle 45° of magnetic field. However, the optimal angle is 0° for Scheme-II, because band gap decreases monotonically until disappears with the increasing angle. For both cases, higher-order band gaps generate and become stronger as magnetic field amplitude increases, while increasing compressive pre-stress has the opposite effect. Meanwhile, filling fraction plays a key role in controlling band gaps. These results provide possibility for intelligent regulation and optimal design of PC plates.