Magnesium is one of the most abundantly available material with good energy efficiency due to less weight. The density of magnesium is 78.5% smaller than steel and 35.6% lighter than aluminum. It is also easy to machine and can potentially be recycled. Since pure magnesium is more prone to corrosion, Magnesium and magnesium alloys are rapidly gaining more atten-tion in multiple applications including automotive, aerospace, electronic and medical fields. The improved physical and mechanical properties of magnesium alloys make these materi-als as an alternative substitution to aluminum alloys and steel in automotive and aerospace structural applications. Biocompatibility and Biodegradation has given further edge to emerge magnesium alloys as an ideal alternate to the medical implant materials because of improved mechanical strengths when compared to polymeric biodegradable materials. Recent advanc-es in 3C products (Computer, communications, and consumer electronics) also showed an uptrend in the usage of magnesium and its alloys. Based on the studies, the usage of magne-sium in various domains is significantly improved in the coming years and can provide a lot of research potentials for the young researchers. Therefore, this paper reassesses the profits of magnesium and its alloy materials in various domains and summarizes the recent works in industrial applications. The potentialities, drawbacks and research scope of magnesium alloys have also been presented towards the development of commercial productsand 23.75% – 83.10%, and lead was adsorbed between 99.35% – 100%, and 72.80% – 92.00%.