Abstract2D metamaterials have immense potential in acoustics, optics, and electromagnetic applications due to their unique properties and ability to conform to curved substrates. Active metamaterials have attracted significant research attention because of their on‐demand tunable properties and performances through shape reconfigurations. 2D active metamaterials often achieve active properties through internal structural deformations, which lead to changes in overall dimensions. This demands corresponding alterations of the conforming substrate, or the metamaterial fails to provide complete area coverage, which can be a significant limitation for their practical applications. To date, achieving area‐preserving active 2D metamaterials with distinct shape reconfigurations remains a prominent challenge. In this paper, magneto‐mechanical bilayer metamaterials are presented that demonstrate area density tunability with area‐preserving capability. The bilayer metamaterials consist of two arrays of magnetic soft materials with distinct magnetization distributions. Under a magnetic field, each layer behaves differently, which allows the metamaterial to reconfigure its shape into multiple modes and to significantly tune its area density without changing its overall dimensions. The area‐preserving multimodal shape reconfigurations are further exploited as active acoustic wave regulators to tune bandgaps and wave propagations. The bilayer approach thus provides a new concept for the design of area‐preserving active metamaterials for broader applications.