The traditional theory of magnetic moments for chiral phonons is based on the picture of the circular motion of the Born effective charge, typically yielding a small fractional value of the nuclear magneton. Here we investigate the adiabatic evolution of electronic states induced by the lattice vibration of a chiral phonon and obtain an electronic orbital magnetization in the form of a topological second Chern form. We find that the traditional theory needs to be refined by introducing a k resolved Born effective charge, and identify another contribution from the phonon-modified electronic energy together with the momentum-space Berry curvature. The second Chern form can diverge when there is a Yang’s monopole near the parameter space of interest as illustrated by considering a phonon at the Brillouin zone corner in a gapped graphene model. We also find large magnetic moments for the optical phonon in bulk topological materials where nontopological contribution is also important. Our results agree with recent observations in experiments.