There remains a keen concern in magnesium (Mg) and its alloys, as they are the lightest available structural materials. Mg alloys are capable of allowing the design of lightweight engineered systems, including encouraging implications to curtail energy consumption. These alloys are also evolving available biodegradable materials and battery electrodes. Instead of the extreme historical Mg usage at present, several intrinsic drawbacks, including susceptibility to corrosion, poor formability, and low creep strength limit the extensive use of Mg alloys. This review provides an overview of ancient to modern advances in the study of Mg corrosion. It describes the effects of alloying elements and reinforcement in metal matrix composites (MMCs) on the corrosion resistance of Mg alloys. The frequent use of protective strategies and their limitations are discussed from the recent past to the current trend. This review is recognizing acquaintance gaps while also endeavoring to ascertain planned developments and guidelines.