The evolution of microstructure and texture of an extruded GW102K Mg alloy processed by cyclic extrusion and compression (CEC) at 450 °C were investigated. Tensile tests were performed at room temperature and strain rate 5 × 10 −3 s −1 . The results show that the microstructure was effectively refined, and the initial fiber texture became disintegrated and developed a new texture after 14 CEC passes. It was found that the strength and ductility were simultaneously increased as compared with the as-extruded alloy. In particular, the elongation and yield strength were related in a line relationship having a positive slope. As the texture changed and texture intensity decreased, substantial grain refinement was observed. The hard second-phase particles were considered to be responsible for the uncommon properties of CEC processed GW102K alloy.