A piezo-magneto-elastically coupled distributed-parameter model of a bistable piezoelectric cantilever generator is developed by using the generalized Hamilton principle. The influence of the spacing between two adjacent magnets on the static bifurcation characteristics of the system is studied and the range of magnet spacing corresponding to the bistable states is obtained. Numerical and experimental studies are carried out to analyze the bifurcation, response characteristics, and their impact on the electrical output performance under varying external excitations. Results indicate that interwell limit cycle motion of the beam around the two centers corresponds to optimum power output; interwell chaotic motion and multiperiodic motion including intrawell oscillations are less effective. At a given frequency, the phenomena of symmetric-breaking and amplitude-phase modulation are observed with increase of base excitation. Both period-doubling bifurcation and intermittency routes to chaotic motion in the bistable system are found. It can be observed that the power output is not proportional to the excitation level because of the bifurcation behaviours.