Magnesium-based alloys are becoming a major industrial material for structural applications because of their potential weight saving characteristics. All the commercial Mg alloys like AZ, AM, AE, EZ, ZK, and so forth series are multicomponent and hence it is important to understand the phase relations of the alloying elements with Mg. In this work, eleven essential Mg-based binary systems including Mg-Al/Zn/Mn/Ca/Sr/Y/Ni/Ce/Nd/Cu/Sn have been reviewed. Each of these systems has been discussed critically on the aspects of phase diagram and thermodynamic properties. All the available experimental data has been summarized and critically assessed to provide detailed understanding of the systems. The phase diagrams are calculated based on the most up-todate optimized parameters. The thermodynamic model parameters for all the systems except Mg-Nd have been summarized in tables. The crystallographic information of the intermetallic compounds of different binary systems is provided. Also, the heat of formation of the intermetallic compounds obtained from experimental, first principle calculations and CALPHAD optimizations are provided. In addition, reoptimization of the Mg-Y system has been done in this work since new experimental data showed wider solubility of the intermetallic compounds.