MAGNESIUM ALLOY

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Disclosed is a magnesium alloy having high yield strength and high tensile strength. Specifically disclosed is a magnesium alloy comprising an Mg-Zn-Y-RE-based alloy which contains Zn and Y as the essential components and also contains at least one element selected from La, Ce, Nd, Pr, Sm and Yb as the rare earth element (RE), with the remainder being Mg and unavoidable impurities. In the magnesium alloy, LPSO, an αMg phase and at least one compound selected from an Mg-RE compound and an Mg-Zn-RE compound are contained in an alloy structure of the Mg-Zn-Y-RE-based alloy. In the alloy, LPSO and the compound form a laminated structure, wherein the thickness of LPSO is 0.5 to 5 μm and the thickness of the compound is 0.01 to 2 μm.