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The present invention relates to a magnesium alloy for plastic working with excellent thermal conductivity and excellent flame retardant of which a total amount of alloy elements is 2.5-6.3 wt% by selectively adding 1.5 wt% or less of at least one type among Ca, Si, Mn, and mischmetal when necessary to magnesium while containing 0.5-5 wt% of Zn and 0.6-3.5 wt% of Sn as an element forming an oxidation film with a high melting point. The process of manufacturing the alloy comprises : a step of adding and melting alloy elements with a high melting point as a base alloy in molten steel containing magnesium and a zinc alloy; a step of removing a coating structure of a casting material; and a step of tempering the casting material with a method such as a rolling method, an extruding method, or a forging method after diffusion annealing. According to the present invention, ductility is improved by a reaction of the alloy elements preventing a formation of plate-shaped precipitates inside a magnesium base structure. In addition, the capacity for plastic working the magnesium alloy is improved such that an extrusion at a pressure of 1000 kgf/cm^2 or less is possible. Moreover, the magnesium alloy obtains flame retardant and thermal conductivity of 100 W/m-K or higher satisfying specifications of a material for an aircraft, thereby being suitable for a material where fire safety is required. Accordingly, the magnesium alloy is able to widely be applied for a material for a structure or a radiating plate of portable home appliances or a vehicle and an aircraft compartment, and contributes to a weight decrease of the product.COPYRIGHT KIPO 2016