Magnesium is one of the largely available elements in the earth's crust. It has a low structural density with high specific strength. This unique material property has forced an increase in the use of magnesium and its alloys in various applications pertaining to industrial sector, automobiles, aerospace and biomedical. Since magnesium is a highly reactive metal, it is prone to higher rate of corrosion as compared to its counterparts. Thus, it is essential to analyze the corrosion behavior of magnesium and its alloys in its applications. An appropriate process is to be followed in the design and development of magnesium alloys which overcome the limitations of magnesium and enhance the desired material properties in accordance to their applications. This review paper summarizes the importance of magnesium and its material properties. The influence of various alloying elements on the mechanical properties of magnesium is reviewed. The broad classification of Mg alloys and their behavioral trends are detailed. The corrosion behavior of magnesium and the influence of corrosion products on the material characteristics of magnesium, in aqueous medium, are discussed. The manufacturing techniques of magnesium alloys along with the secondary techniques are also covered. The various applications and the limitations of magnesium in these applications are covered. A complete section is dedicated towards detailing the recent trends of magnesium (Mg) alloys, i.e., the biodegradable nature and applications of Mg alloys. The influence of biocorrosion on Mg alloys and techniques to overcome it have been deliberated. This paper provides a thorough review on recent developments of magnesium with respect to engineering applications.