A significant number of studies have been dedicated to the fabrication and properties of metallic foams. The most recent research is focused on metals with low weight and good mechanical properties, such as titanium, aluminum, and magnesium. Whereas the first two are already fairly well studied and already find application in industry, magnesium currently remains at the research stage. The present review covers the studies conducted on fabrication techniques, surface modifications, and properties of porous structures made of magnesium and its alloys.