Metal alloy matrix composites are generally lightweight structural materials with a high strength-to-weight ratio. They can be extensively used in various fields of modern engineering applications, such as aerospace and automotive components and biomedical engineering. This study focuses on the development and characterization of lightweight metal alloy matrix composites for industrial applications, with a particular emphasis on magnesium (Mg) alloys as a replacement for aluminum-based alloys. Mg alloys offer significant weight advantages, being 33% lighter than aluminum and 75% lighter than steel, making them highly desirable for use in various engineering fields. In the present study, Mg (AZ91) alloy reinforced with x-Si3N4 composites (x = 0, 1, 3, 5, 7, 9 wt.%) were fabricated using a liquid state process. The AZ91/x-Si3N4 composites were evaluated through physical, mechanical, wear, and microstructural characterization. The experimental results, supported by statistical analysis, demonstrated that the incorporation of Si3N4 particles amplified the mechanical properties, wear resistance, and porosity of the composites. However, the presence of the reinforced particles resulted in reduced forgeability and elongation, limiting certain deformation characteristics. The existence of the reinforced particles within the composites was confirmed through SEM analysis, providing visual evidence of their distribution and interaction within the Mg alloy matrix. Finally, it was concluded that the implication of the study could be sought for the light structural parts of aerospace, automotive, biomedical, and prosthetic applications.