Magnetic refrigeration is an important new refrigeration technology in the temperature range of liquid hydrogen. A multistage magnetic refrigeration system between 20 K and 80 K has been proposed, which includes three-stage active magnetic regenerators (AMRs). Based on the multistage system, a two-dimensional transient AMR model is established to research the cycle performance mechanism by considering the compressibility of helium, which has not been done before. Firstly, to simplify the simulation difficulty, the AMR model with ideal magnetocaloric materials (the constant isothermal entropy change of 5.4 J/(kg·K) at 1 T) are investigated in the temperature range between 60 K and 80 K. Some parameters including particle diameter, fluid flow fraction, and filling mass of magnetocaloric materials have been compared and analyzed. Based on the above simulation results, the AMR model with real magnetocaloric materials has been done. In the three-layer AMR, the maximum cooling power of 71.04 W at the cooling temperature of 60 K has been obtained, which is 80.17% larger than that of the one-layer AMR. Then, the cooling performance of the multistage magnetic refrigeration system has been studied. In the system, six magnetocaloric materials are filled in three-stage AMRs based on the filling method of adiabatic temperature change. With the optimal mass flow rates of each stage AMR, the maximum cooling power of 40.09 W has been obtained in the multistage system, and the corresponding thermodynamic second efficiency has been 28.14%.