The microstructures and mechanical properties of the Mg88.5Zn5Y6.5-XREX (RE = Yb and Ce, X = 0, 1.5, 3.0, and 4.5) (wt.%) alloys were investigated in the present study. Mg88.5Zn5Y6.5 is composed of three phases, namely, α-Mg, long-period stacking ordered (LPSO) phases, and intermetallic compounds. The content of the LPSO phases decreased with the addition of Ce and Yb, and no LPSO phases were detected in Mg88.5Zn5Y2.0Yb4.5. The alloys containing the LPSO phases possessed a stratified microstructure and exhibited excellent mechanical properties. Mg88.5Zn5Y5.0Ce1.5 exhibited the highest creep resistance and mechanical strength at both room temperature and 200 °C, owing to its suitable microstructure and high thermal stability. The yield strength of Mg88.5Zn5Y5.0Ce1.5 at room temperature was 358 MPa. The ultimate tensile strength of Mg88.5Zn5Y5.0Ce1.5 at room temperature and 200 °C was 453 MPa and 360 MPa, respectively.