Sometimes, you may have troubles in updating by Envato Toolkit. So another way is to update via FTP. However, this way will take more time because you have to do step by step manually.
Step 1. Login you Envato account. In Download tab, find Mag WP and choose the Installable WordPress Theme (the WordPress file).
Step 2. Login your server, then go to wp-content/ themes folder and backup your magwp theme folder if you want or delete it. The content in your site will not be lost but if you have modified code, the changes will be lost. You have to reapply them after updating over.
Step 3. Exact new file magwp.zip you have already downloaded from Themeforest.
Step 4. Drag & drop new theme folder magwp to wp-content/ theme to override the existing files.