The influence of the composition of magnesium alloys on their environmental impact was analyzed. In order to perform a more accurate environmental impact calculation, life cycle assessment (LCA) with the ReCiPe 2016 Endpoint and IPCC 2013 GWP (100 y) methodology was used, taking the EcoInvent AZ91 magnesium alloy dataset as reference. This dataset has been updated with the material composition range of several alloys included in the European standard EN 1753:2019. The balanced, maximum, and minimum environmental impact values were obtained. In general, the overall impact of the studied magnesium alloys varied from 3.046 Pt/kg to 4.853 Pt/kg and from 43.439 kg CO2 eq./kg to 55.427 kg CO2 eq./kg, depending on the composition. In the analysis of maximum and minimum environmental impacts, the alloy that had the highest uncertainty was 3.5251, with a range of ±7.20%. The element that contributed the most to increase its impact was silver. The AZ91 alloy, provided by the EcoInvent dataset, had a lower environmental impact than all the magnesium alloys studied in this work. The content of critical raw materials (CRMs) was also assessed, showing a high content in CRMs, between 89.72% and 98.22%.