Magnesium is the eighth-most abundant element in the world and its alloys have a widespread application in various industries such as electronic and transport (i.e., air, land, and sea) engineering, due to their significant mechanical properties, excellent machinability, high strength to weight ratios, and low cost. Although monolithic Mg metal is known as the lightest industrial metal (magnesium density is 30% less than the density of the aluminum, and this unique property increases the attractiveness of its usage in the transportation industry), one of the significant limitations of magnesium, which affects on its applications in various industries, is very high reactivity of this metal (magnesium with an electronegativity of 31.1 can give electrons to almost all metals and corrodes quickly). To overcome this problem, scholars are trying to produce magnesium (Mg) alloys that are more resistant to a variety of loads and environmental conditions. In this regard, Mg alloys include well-known materials such as aluminum (Al), Zinc (Zn), Manganese (Mn), Silicon (Si), and Copper (Cu), etc., and their amount directly affects the properties of final products. In the present review paper, the authors attempted to present the latest achievements, methods, and influential factors (finish-rolling, pore defects, pH value, microstructure, and manufacturing processes, etc.) on the fatigue life and corrosion resistance of most significant Mg alloys, including AM50, AM60, AZ31, AZ61, AZ80, AZ91, ZK60, and WE43, under various conditions. The summarized results and practical hints presented in this paper can be very useful to enhance the reliability and quality of Mg-made structures.