The thermal and magnetic histories of planetesimals provide unique insights into the formation and evolution of Earth’s building blocks. These histories can be gleaned from meteorites by using numerical models to translate measured properties into planetesimal behaviour. In this paper, we present a new 1D planetesimal thermal evolution and dynamo generation model. This magnetic field generation model is the first of a differentiated, mantled planetesimal that includes both mantle convection and sub-eutectic core solidification. We have improved fundamental aspects of mantle heat transport by including a more detailed viscosity model and stagnant lid convection parametrisations consistent with internal heating. We have also added radiogenic heating from 60Fe in the metallic Fe-FeS core. Additionally, we implement a combined thermal and compositional buoyancy flux, as well as the latest magnetic field scaling laws to predict magnetic field strengths during the planetesimal’s thermal evolution until core solidification is complete. We illustrate the consequences of our model changes with an example run for a 500 km radius planetesimal. These effects include more rapid erosion of core thermal stratification and longer duration of mantle convection compared to previous studies. The additional buoyancy from core solidification has a marginal effect on dynamo strength, but for some initial core sulfur contents it can prevent cessation of the dynamo when mantle convection ends. Our model can be used to investigate the effects of individual parameters on dynamo generation and constrain properties of specific meteorite parent bodies. Combined, these updates mean this model can predict the most reliable and complete magnetic field history for a planetesimal to date, so is a valuable tool for deciphering planetesimal behaviour from meteorite properties.