Abstract: The density of magnesium alloy is only that of 2/3 of aluminum alloy, 1/4 of steel. Therefore, the mass application of magnesium alloy parts can help lightweight and energy-saving. In the background of carbon emission peak and carbon neutrality policies, the development of magnesium material application has huge potential and great promise. This paper analyzes the current situation and processing techniques of magnesium alloy industry at home and abroad. The development and application of magnesium alloy as structural materials in automobile, rail transportation, bicycle, 3C (computer, communication and consumer electronics), aerospace, defense industry, etc., are highlighted and reviewed. The main problems of the current magnesium industry are summarized. Finally, the prospects of magnesium alloy as structural materials are outlined.