A multi-channel magazine for a toy gun includes a magazine body, a dividing unit formed within the magazine body, and a bullet pressing unit. The dividing unit cooperates with the magazine body to define at least one storage channel, a plurality of first narrow channels in spacial communication with the storage channel, and a converging channel in communication with the first narrow channels and a bullet outlet. Each of the first narrow channels and the converging channel is configured to allow only one bullet to pass through. The bullet pressing unit is mounted on the magazine body to press the bullets from the storage channel through the first narrow channels and discharge the bullets from the converging channel. The bullets can be moved and converged gradually to a one-by-one arrangement to the bullet outlet so as to facilitate smooth pressing and discharging of bullets and increase the capacity of magazine.