Smart material actuators (SMAs) can provide motion with high resolution and high bandwidth, but the output stroke is relatively small. Therefore, motion amplification mechanisms for SMAs have drawn considerable attentions in recent years. However, most of existing mechanisms realize the motion amplification at the expense of working bandwidth. To achieve large stroke and high bandwidth simultaneously, a novel two-dimensional stacked magnetostrictive actuator (TSMA) was developed and tested by adopting the magnetostrictive material, i.e., the Terfenol-D in this article. The U-shaped sleeves were employed to support the axial and radial two-dimensional stacking of three Terfenol-D rods. Then, an analytical model was established based on working principle of the TSMA, and a design of experiment analysis was carried out for the sensitivity study of the TSMA's key structural parameters. Next, the involved parameters of the established analytical model were obtained via system identification. Furthermore, several experimental tests of a fabricated prototype for the TSMA were carried out. The results show that the stroke of the proposed TSMA can reach 65 μ m. The displacement amplification ratio is achieved as 2.8 and the working bandwidth is kept as 500 Hz. This proves that the proposed structure can significantly increase the displacement with a little loss of bandwidth. Finally, a set of preliminary closed-loop tests using a traditional incremental proportion-integration-differentiation (PID) control were carried out to improve the motion precision. The closed-loop tracking results of 10-100 Hz sinusoid references show that the root-mean-square errors are less than 4% using a simple PID control alone.