In petroleum drilling engineering, materials with high strength and rapid degradation are required for degradable fracturing ball applications. In this work, the microstructure, mechanical properties, and corrosion behavior of extruded Mg-3Zn-Y-xCu (x = 0, 1, 3, 5 weight percent) alloys are investigated using optical microscopy, scanning electronic microscopy equipped with energy dispersive X-ray spectroscopy, X-ray diffraction, transmission electronic microscopy, compression tests, electrochemical measurements, and hydrogen evolution tests, to explore their potential as excellent candidate alloys for degradable fracturing ball applications. It is found that the Mg-3Zn-Y alloy is mainly composed of α-Mg, Mg3Zn3Y2, and Mg3Zn6Y phases. After Cu addition, a new MgZnCu phase is formed, while the Mg3Zn3Y2 phase disappears. The Mg-3Zn-Y-3Cu alloy shows the highest compressive strength (473 MPa) and yield strength (402 MPa), mainly attributed to the combined effect of the fine-grain and dispersed precipitation of Mg3Zn6Y and MgZnCu. The corrosion rate of Mg-3Zn-Y-3Cu reaches 0.41 mm day−1 in 3.5 wt.% KCl solution. Consequently, Mg-3Zn-Y-3Cu alloy is a suitable degradable fracturing ball-seat material.