Considering the nonlinear mechanical-magnetic coupling effects, an accurate mathematical model was established for analyzing large stroke penta-stable mechanism possessing multistability transforming capability, with which the mechanism can be switched from pentastability to quadristability. The multistability with any number of stable states can be achieved by integrating spatially arranged magnets and large deformation beams as the fundamental energy storage elements to maintain stable states. By theoretically analyzing the influence of the large mechanical deformation on the magnetic field distribution and system energy, the nonlinear force–displacement characteristics of the multistable mechanism were obtained numerically, which were in good agreement with those obtained by experiments and finite element simulation. Then, an energy-based design criterion for magnetic-mechanical multistable mechanisms was proposed according to the stability theory and energy variation principle. In addition, the multistable transformability was theoretically analyzed, which can transform the proposed mechanism from penta-stability to quadristability by only changing the magnetization direction of moving magnets without varying the structure parameters.