If you are talking about "Monkey King", you should rewrite the sentence as "Monkey posseses magical powers and is well versed in the Seventy-Two Transformations". Notice "Monkey" is capitalized. It is not just any ordinary monkey but a particular/specific one. Also "Seventy-Two Transformations" is also capitalized. It refers to a specific magical skill. The other skill Monkey posseses is the Cloud-Somerasault technique of travelling huge distances in one single leap. The English has a similar phrase, "wearing Seven-League Boots" but very slow compared to Monkey's mode of travel if distances are taken literally.

Are you trying to say that the monkey has the power to change his shape ? If so, it would be better to say "The monkey has magic. He's able to morph (change) in 72 different forms"

These are a little bit different, and I'm not certain which you mean. The monkey has magic, he can make 72 changes to his shape. - This means he could, for example, change the shape of his eyes. Instead, he might change the shape of his arms. Together, that is 2 different changes. The monkey has magic, he can change into 72 different shapes (or forms, as Matthew said). - This would mean he could, for example, change into a dog. Instead, he might change into a bird.