The optical and magneto-optical (MO) response in magnetic multilayer systems is calculated by the transfer matrix method (TMM). In a bi-gyrotropic medium, the electric permittivity (ϵ) and the magnetic permeability (μ) coefficients are in the form of non-diagonal tensors synchronously, in which their non-diagonal elements refer to the existence of anisotropy in such a medium. On the other hand, in a double-negative medium, both the ϵ and μ coefficients are negative. In the present study, we have investigated the combination of these two phenomena and have introduced a TMM-based approach for studying the optical and MO properties of multilayer structures containing bi-gyrotropic double-negative magnetic materials (BDNMMs), whose diagonal and non-diagonal elements refer to the existence of negativity and anisotropy, respectively. We have also investigated the capability of such BDNMM materials in comparison with conventional bi-gyrotropic materials in magneto-photonic crystal structures. As a result, we found that broadening occurs in the optical and magneto-optical responses simultaneously.