The global energy and transportation industries are facing increasingly pressing sustainability challenges. Magnesium (Mg) and its alloys have advantages of being lightweight, high specific strength, good damping, high castability, and machinability, which make them very promising structural materials. However, many difficulties still need to be overcome to expand the further applications of magnesium alloys. The present report aims to review the critical advances of magnesium and its alloys worldwide in 2023 to boost the multifaceted scientific research of magnesium alloys and promote its global development and application. More than 4000 papers in the Mg and Mg alloys field were published in 2023. The bibliometric analyses indicate that the microstructure, mechanical properties, and corrosion of Mg alloys are still the main research focus. Bio-Mg materials, Mg ion batteries, and hydrogen storage Mg materials have attracted much attention. This report summarizes the progress in developing structural and functional Mg and Mg alloys and provide some suggestions for future research.