Magnesium is a promising material. It has a remarkable mix of mechanical and biomedical properties that made it suitable for a vast range of applications. With alloying, many of these inherent properties can be further improved. Today, it is primarily used in the automotive, aerospace, and medical industry. However, magnesium has its own set of drawbacks which the industry and research community are actively addressing. Magnesium’s rapid corrosion is its most significant drawback, and it dramatically impeded magnesium’s growth and expansion into other applications. This article will review both the engineering and biomedical aspects and applications for magnesium and its alloys. It will also elaborate on the challenges the material faces, how they can be overcome, and its outlook.