The magnetization dynamics of an yttrium iron garnet (YIG)/Au/YIG magnon valve was investigated using broadband ferromagnetic resonance. The material characterizations of YIG/Au/YIG were performed using cross-sectional scanning transmission electron microscopy, x-ray diffraction spectroscopy, x-ray photoemission spectroscopy, Raman spectroscopy, and UV–visible spectroscopy. Asymmetric Fano resonance in the YIG/Au (60 nm)/YIG magnon valve structure was observed experimentally, and the two coupled oscillators model was used to describe the source of the Fano resonance qualitatively. We also provide a quantitative description of the Fano resonance and extract the Fano factor, which is an important feature that can be used to define the interaction sign. This represents the first attempt to apply the Fano resonance to magnetization dynamics. The spin wave resonance modes excited by the Au nanoparticles (NPs) surface plasmons were also observed in a YIG/Au NPs/YIG structure. Our findings confirm the occurrence of magnetic Fano resonance in the YIG/Au/YIG magnon valve and pave the way toward the development of quantum information devices based on magnon valves.