Entangled states with a large number of $N$ atomic spins are a key ingredient for quantum information processing and quantum metrology. Nowadays, the preparation of such states has mainly relied on the quadratic nonlinear dynamics. Here, we investigate the preparation of spin-spin multipartite entanglement, witnessed by quantum Fisher information, by using the cubic nonlinear dynamics. We find that, in the regime of weak coupling, the cubic scheme can greatly speed up the rate of entanglement generation as compared to the quadratic scheme (about $N$ times faster). In the strong coupling regime, the cubic nonlinear dynamics enables the periodic in time generation of a broad variety of new-type macroscopic superposition states, which allow us to realize near-Heisenberg-limit phase sensitivity. In addition, we also reveal an interesting feature that the amount of entanglement generated by the cubic scheme has a macroscopic sensitivity to the parity of $N$, which has no counterpart in quadratic nonlinear dynamics and can be exploited for sensing the parity of $N$ at the single-spin level. We also propose a new approach for a fast and high-fidelity generation of maximally entangled Greenberger-Horne-Zeilinger (GHZ) states. By using an alternative cubic-quadratic-admixture type of nonlinear interaction, we show that one may accelerate the procedure of GHZ-state generation. The realization of the cubic nonlinear dynamics is also considered, showing that the cubic nonlinear dynamics can be realized by either repeatedly using linear- and quadratic-nonlinear dynamics or utilizing light-mediated interactions in just one step. Finally, by taking realistic imperfections into account, we find that the cubic scheme is sensitivity to the single-spin decay in the strong coupling regime, while is robust against the collective dephasing.
