Magnetic catheters are widely investigated to improve the steering ability and maneuverability of conventional catheters by utilizing external magnetic field (EMF). Previous researchers have utilized multiple fixed magnets to increase their steering ability or a rotatable magnet for drilling motion to unclog blood clots. However, the conventional magnetic catheters do not have several rotatable magnets, so they cannot have both high steering and drilling abilities for effective angioplasty procedures. We propose a novel structure of magnetic catheter with rotatable multi-magnets which have both enhanced steering and drilling capabilities. The proposed magnetic catheter is composed of a flexible tube, a front magnet (FM), a rear magnet (RM), a shaft and a drill tip, and the FM and RM are freely rotatable along the front body and the shaft, respectively. To design the distance between the magnets to have maximum steering ability, the deflection of the catheter has been modeled by utilizing Euler-Bernoulli beam theory. By utilizing the proposed model, we calculated the y-displacement of the FM according to the distance between the magnets, and it was compared with measured y-displacement of the prototyped catheters and they matched well. Finally, we prototyped the proposed catheter with the distance between the magnets to be 55 mm which maximizes its deflection when the overall length is 100 mm. Then, we verified its steering and drilling capability by conducting in vitro experiment.