Mg‐based hydrogen storage materials have drawn considerable attention as the solution for hydrogen storage and transportation due to their high hydrogen storage density, low cost, and high safety characteristics. However, their practical applications are hindered by the high dehydrogenation temperatures, low equilibrium pressure, and sluggish hydrogenation and dehydrogenation (de/hydrogenation) rates. These functionalities are typically determined by the thermodynamic and kinetic properties of de/hydrogenation reactions. This review comprehensively discusses how the compositeization, catalysts, alloying, and nanofabrication strategies can improve the thermodynamic and kinetic performances of Mg‐based hydrogen storage materials. Since the introduction of various additives leads the samples being a multiple‐phases and elements system, prediction methods of hydrogen storage properties are simultaneously introduced. In the last part of this review, the advantages and disadvantages of each approach are discussed and a summary of the emergence of new materials and potential strategies for realizing lower‐cost preparation, lower operation temperature, and long‐cycle properties is provided.