This paper investigates the formation, annihilation, and evolution mechanisms of potential energy wells in nonlinear energy sink systems. The nonlinear energy sink system is composed of multiple inner and outer magnets. Two multi-magnet energy sink (MES) architectures are designed: a single-magnet vibrator and a double-magnet vibrator. Multi-stable (bi-, tri-, quad-, penta-, hexa-, and hepta-stable) mechanisms are elaborated by the Poincaré section and bifurcation diagram concerning the magnet length, the link length, and the MES configuration. The results show that the change in the internal structural parameters of the MES system will generate different types of bifurcations (i.e., saddle-node, subcritical, and super pitchfork bifurcations) and phase trajectories and have rich nonlinear response behaviors in the low frequency and wide frequency range, which can be used for damping and vibration reduction of engineering structures, vibration control, and energy source of the microgrid.