As an important type of Al alloys with excellent comprehensive properties, Al–Mg alloys with excellent mechanical properties, good corrosion resistance, and weldability are widely used in aerospace, rail transit and marine ships. The recent research progress on the microstructure and property regulation of Al–Mg alloys during solidification, heat treatment, and plastic deformation at home and abroad was summarized, and the characteristic of each regulation method was analyzed. The application of continuous rheo-extrusion forming technology in the fabrication of Al–Mg alloys was emphatically introduced, and the future development direction of Al–Mg alloys was prospected.