Soluble aluminum alloy materials used in underground operational tools are synthesized via a high-temperature smelting process. The microstructure and composition distribution of the alloy were analyzed using X-ray diffraction, metallographic microscopy, and scanning electron microscopy with energy-dispersive X-ray and electron backscatter diffraction techniques. The mechanical properties were evaluated using a universal testing machine and hardness tester, while solubility assessments were conducted in a constant-temperature water bath. This study focuses on the plasticity and dissolution characteristics of Al-Mg-Ga-Sn-In alloys with varying Mg contents. The tensile strength (σb) of the alloy was 181.99 MPa, with an elongation (δ) of 27.49% and cross-sectional shrinkage (φ) of 11.67% at a magnesium content of 3.0 wt.%. Additionally, in the compressive test, the compressive yield strength (σsc) was recorded at 188.32 MPa, while the compression rate (δ) was 27.06% and the section expansion rate (φ) was 138.66%. Furthermore, the alloy demonstrated the ability to dissolve spontaneously in water at 90 °C, exhibiting an average dissolution rate of 1.0 g·h−1cm−2 and a maximum dissolution rate of 3.25 g·h−1cm−2 after 12.0 h. Consequently, this alloy composition not only satisfies the requirements for rapid solubility but also exhibits favorable plasticity, providing a novel reference for the selection of soluble aluminum alloy materials.