We propose two approaches to cloak the spin waves (magnons) by investigating magnetization dynamics. One approach is based on a spatially inhomogeneous anisotropic magnetic moment tensor. The other mechanism is using a spatially inhomogeneous anisotropic gyromagnetic factor tensor and an inhomogeneous external magnetic field. For both approaches, the damping tensor is also inhomogeneous and anisotropic. The magnetic characteristic functions of the magnetic materials have been theoretically derived for both mechanisms. A nonmagnetic core, which prevents magnons from entering and consequently distorts the spin-wave propagation, can be cloaked by a structured magnetic shell to redirect the spin wave around the core using the above design mechanisms. We discuss the feasibility of the proposed mechanisms in an ensemble of quantum dot molecules and magnetic semiconductors. The proposed approaches shed light on transformation magnonics, and can be utilized for future spin-wave lenses, concentrators, low backscattering waveguides, and ultimately quantum computing.