We realize a cavity magnon-microwave photon system in which a magnetic dipole interaction mediates strong coupling between the collective motion of a large number of spins in a ferrimagnet and the microwave field in a three-dimensional cavity. By scaling down the cavity size and increasing the number of spins, an ultrastrong coupling regime is achieved with a cooperativity reaching 12,600. Interesting dynamic features including classical Rabi-like oscillation, magnetically induced transparency, and the Purcell effect are demonstrated in this highly versatile platform, highlighting its great potential for coherent information processing.