A wire arc additive manufacturing system, based on cold metal transfer technology, was utilized to manufacture the Al-Mg alloy walls. ER5556 wire was used as the filler metal to deposit Al-Mg alloys layer by layer. Based on the orthogonal experiments, the process parameters of the welding current, welding speed and gas flow, as well as interlayer residence time, were adjusted to investigate the microstructure, phase composition and crystal orientation as well as material properties of Al-Mg alloyed additive. The results show that the grain size of Al-Mg alloyed additive becomes smaller with the decrease of welding current or increased welding speed. It is easier to obtain the additive parts with better grain uniformity with the increase of gas flow or interlayer residence time. The phase composition of Al-Mg alloyed additive consists of α-Al matrix and γ (Al12Mg17) phase. The eutectic reaction occurs during the additive manufacturing process, and the liquefying film is formed on the α-Al matrix and coated on the γ phase surface. The crystal grows preferentially along the <111> and <101> orientations. When the welding current is 90 A, the welding speed is 700 mm/min, the gas flow is 22.5 L/min and the interlayer residence time is 5 min, the Al-Mg alloy additive obtains the highest tensile strength. Under the optimal process parameters, the average grain size of Al-Mg alloyed additive is 25 μm, the transverse tensile strength reaches 382 MPa, the impact absorption energy is 26 J, and the corrosion current density is 3.485 × 10−6 A·cm-2. Both tensile and impact fracture modes of Al-Mg alloyed additive are ductile fractures. From the current view, the Al-Mg alloys manufactured by WAAM-CMT have a better performance than those produced by the traditional casting process.