The efficiency of piezoceramic transducers excited at both the resonance and antiresonance frequency was investigated. Losses in piezoceramics are phenomenologically considered to have three coupled mechanisms: dielectric, mechanical, and piezoelectric losses. Expressions for the resonance and antiresonance quality factors, which ultimately determine transducer efficiency, have been received on the basis of complex material constants for both stiffened and unstiffened vibration modes. Comparison of electric and mechanical fields, thermal and electrical losses of power supply, and their distribution in the transducer volume have been made. For a given constant mechanical displacement of the transducer top, the required electric voltage applied to the transducer at the antiresonance frequency is proportional to the resonance quality factor, but the changes in the intrinsic electric and mechanical field characteristics in the common case are not too essential. The requirements on the piezoceramic parameters, types of transducer vibration, and especially on the factor of piezoelectric losses in a range of physically valid values were established to provide maximal quality factors at the antiresonance frequency.