A magazine structure for a toy gun includes a carrier (10), an active gear (20), a passive gear (30) and a loading chain (40). The active gear (20) is rotatably installed to the carrier (10). The passive gear (30) is rotatably installed to the carrier (10) and arranged at an interval with the active gear (20). The loading chain (40) surrounds the active gear (20) and the passive gear (30) and has hollow cylinders (41) and a strap (42) connecting the hollow cylinders (41).