In order to design an angular magnifier based on multiplexed volume holographic grating, the physical model of multiplexed angular magnifier (MAM) is established. The design principle is summarized from two aspects, namely, uniform angular distribution and optimum diffraction efficiency. The effect of production error on MAM is studied. The effect of beam divergence on the performance of MAM is investigated. The results show that the desired angular distribution of MAM is achieved by controlling the spatial frequency and the tilted angle of the grating while the optimum diffraction efficiency is achieved by controlling the thickness and the amplitude of refractive index modulation of the gratings. The 10 VHGs can be multiplexed in the MAM at most. The raising of the grating tilted angle or the ratio between the wavelength of recording beam and working beam can weaken the effect of angular error of reference beam on the output angle distribution of MAM, and the reducing of the thickness is beneficial for reducing the effect of error of thickness and refractive index modulation on diffraction efficiency. When the beam divergence is greater than the angular half width, the optimum diffraction efficiency falls down to 50% or lower and the local minimum values disappear. The raising of the spatial frequency or thickness of the gratings can reduce the desired amplitude of refractive index modulation and multiplex more VHGs, but is not beneficial for achieving uniform diffraction efficiency distribution and weakening the effect of divergent beam.