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The present invention relates to a magnesium alloy having excellent thermal conductivity and flame retardancy and facilitating plastic deformation, and a preparation method therefor, the magnesium alloy containing 0.5-5 wt% of zinc (Zn) and, as a high-melting-point-oxide-film-forming-element, 0.6-3.5 wt% of tin (Sn) in magnesium, wherein the total amount of alloying elements is 2.5-6.3 wt% by selectively adding 1.5 wt% or less of one or more of calcium (Ca), silicon (Si), manganese (Mn) and mischmetal, when necessary. The method for preparing the alloy comprises adding high-melting-point alloying elements in the form of a master alloy to a molten alloy of magnesium and zinc, melting the same, casting the same, removing the chill zone of a cast material, carrying out diffusion annealing, and then carrying out molding through a tempering process such as rolling, extrusion or forging. According to the present invention, there are effects of : improving ductility by the action of alloying elements inhibiting the formation of plate-like precipitates in a magnesium base texture; enabling extrusion even with a pressure of 1, 000 kgf/cm2 or less since the plastic deformability of a magnesium alloy is improved; allowing wide application thereof as a radiation plate or a structural material of portable electric home appliances, automobile and aircraft parts, and the like since the present invention is suitable for a use requiring fire safety by having a thermal conductivity of 100 W/m·K or more and a flame retardancy satisfying the requirements of aircraft material usage; and contributing to weight reduction.