Conventional energy harvesters often require high ambient vibration frequencies and can only capture vibration energy in a single direction. To address these issues, this paper designs a magnetostrictive two-dimensional kinetic energy harvester placed under the floor and capable of capturing energy in both vertical and horizontal directions. In order to achieve higher electrical power output at low-frequency input forces, a two-stage force amplification mechanism is designed to amplify the walking kinetic energy of pedestrians and the main parameters of this structure are analyzed and optimized. On the other hand, by constructing different forms of bias magnetic field, the influence of bias magnetic field on the deflection and motion of the internal magnetic domain of Terfenol-D is systematically studied, and the best bias form that can make the material shows the strongest magnetization characteristics is determined. Next, a prototype harvester was built, and an experimental vibration system was set up to test and analyze the output characteristics of the harvester comprehensively. The experimental results show that the harvester produces 21.2 mW of peak output power under sinusoidal excitation at an operating frequency of 4 Hz. Under random excitation, a peak output voltage of 2.64 V and 170 mW peak power was obtained. Under actual pedestrian walking tests, 17.62 mW peak output power is obtained to power low-power devices. The study’s results provide preliminary evidence that the designed magnetostrictive energy harvester can stably harvest kinetic energy from pedestrian walking.