We propose a scheme to generate squeezed states of magnon and phonon modes and verify squeezing transfer between different modes of distinct frequencies in a cavity magnomechanical system which is composed of a microwave cavity and a yttrium iron garnet sphere. We present that by activating the magnetostrictive force in the ferrimagnet, realized by driving the magnon mode with red-detuned and blue-detuned microwave fields, the driven magnon mode can be prepared in a squeezed state. Moreover, the squeezing can be transferred to the cavity mode via the cavity-magnon beamsplitter interaction with strong magnomechanical coupling. We show that under the weak coupling regime, large mechanical squeezing of phonon mode can be achieved, which verifies that our scheme can find the existence of quantum effects at macroscopic scales. Furthermore, distinct parameter regimes for obtaining large squeezing of the magnons and phonons are given, which is the principal feature of our scheme. The considered scheme can be extended to hybrid optical systems, and can facilitate the advancement for realization of strong mechanical squeezing in cavity magnomechanical systems.