Magnetic topological semimetals allow for an effective control of the topological electronic states by tuning the spin configuration. Among them, Weyl nodal line semimetals are thought to have the greatest tunability, yet they are the least studied experimentally due to the scarcity of material candidates. Here, using a combination of angle-resolved photoemission spectroscopy and quantum oscillation measurements, together with density functional theory calculations, we identify the square-net compound EuGa4 as a magnetic Weyl nodal ring semimetal, in which the line nodes form closed rings near the Fermi level. The Weyl nodal ring states show distinct Landau quantization with clear spin splitting upon application of a magnetic field. At 2 K in a field of 14 T, the transverse magnetoresistance of EuGa4 exceeds 200,000%, which is more than two orders of magnitude larger than that of other known magnetic topological semimetals. Our theoretical model suggests that the non-saturating magnetoresistance up to 40 T arises as a consequence of the nodal ring state.