Wrought magnesium alloy having high ductility and high toughness and method for preparing the same

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The present invention provides a magnesium alloy wrought having high ductility and high toughness, comprising : 5.0-7.0 wt% of aluminum (Al), 1.0-3.0 wt% of tin (Sn), 0.2-3.0 wt% of zinc (Zn), and the remaining consisting of magnesium (Mg) and inevitable impurities. According to the present invention, as the magnesium alloy wrought has high ductility and high toughness, the present invention includes a specific content of aluminum (Al), tin (Sn), and zinc (Zn) as essential alloy elements, and additionally includes manganese (Mn) or rare earth metal (RE) and the like when necessary; the magnesium alloy wrought has excellent strength and ductility having high toughness in accordance with grain refinement through dynamic recrystallization which takes place during plastic work; and a precipitation reinforcement effect based on a dynamic precipitation phase (Mg_2Sn and Mg_17Al_12) formed to a degree not affecting a reduction in ductility, as well as solid-solution strengthening, whereby it is anticipated to expand an application range of a magnesium alloy.