Rare earth elements are known to improve both mechanical and corrosion properties. However, it highly depends on the final microstructure conditions of prepared material. During extrusion, intermetallic phases may be redistributed, partially dissolved or on the contrary, precipitated. The knowledge of the impact of extrusion on the individual alloys is therefore essential for their application. In this work, three magnesium alloys (Mg-4Y-3RE, Mg-2Y-1Zn, Mg-3Nd-0.5Zn) were prepared by an extrusion process. Microstructure, mechanical and corrosion properties were compared with extruded pure Mg. The advantages and disadvantages of individual alloys are discussed. Based on the obtained results, the Mg-4Y-3RE alloy seems to exert the best mechanical and corrosion properties. Other materials were characterised with anisotropy of mechanical properties and much higher corrosion rate.