This paper describes the main results from an investigation into the strength and low‐cycle fatigue (LCF) behavior of a rolled plate of WE43 Mg alloy in its T5 condition at room temperature. The alloy was found to exhibit small tension/compression yield asymmetry and small anisotropy being stronger in transverse direction (TD) than in rolling direction (RD) along with some anisotropy in strain hardening. The LCF tests were conducted under strain‐controlled conditions with the strain amplitudes ranging from 0.6% to 1.4% without the mean strain component. While the stress amplitudes during the LCF were higher for tests along TD than RD, the LCF life was similar for both directions. As revealed by electron microscopy, the fractured surfaces under tension consisted mainly of microvoid coalescence with some transgranular facets, while those fractured in LCF showed a combination of intergranular fracture and transgranular facets with minor content of microvoid coalescence.