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The present invention provides a magnesium alloy for casting, capable of having excellent room/high temperature yield strength and creep resistance while having economic feasibility better than that of an existing commercial magnesium alloy by forming a variety of high temperature stable phases in a grain boundary as well as enhancing solubility by adding alloying elements such as calcium (Ca), strontium (Sr), misch metal (Mm), or silicon (Si) based on an Mg-Al-Sn alloy, and then controlling an addition ratio of the alloying elements forming the alloy. According to the present invention, the magnesium alloy comprises : 3.0-6.5 wt% of Al; 3.0-8.0 wt% of Sn; 0.1-2.0 wt% of Ca; 0.1-0.5 wt% of Mn; 0.01-1.0 wt% of Sr; 0.01-0.5 wt% of rare-earth metal; and the remaining consisting of magnesium and inevitable impurities.COPYRIGHT KIPO 2017