Magnesium alloy having high strength and high toughness and its manufacturing method

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A magnesium alloy having high strength and high toughness which is produced by providing a molten alloy comprising a atomic % of Zn, b atomic % in total of at least one rare earth element selected from the group consisting of La, Ce and Mm, the balance being Mg, with the proviso that a and b satisfy the following formulae (1) to (3) : (1) 0.2 <= a <= 3.0, (2) 0.3 <= b <= 1.8, (3) -0.2a + 0.55 <= b <= -0.2a + 1.95, and solidifying the molten metal through rapid cooling, and has a lathing structure comprising cells or grains and, formed therein, fine spherical compounds having a particle diameter of 50 nm or less; and a method for producing the magnesium alloy. The magnesium alloy exhibits both the strength and toughness sufficient to be practically used in applications of a magnesium alloy being currently expanded.