The invention discloses a forging process for preparing an isotropic ultrahigh-strength heat-resistant magnesium alloy structural member. Firstly, a cast ingot prepared through semi-continuous electromagnetic casting is subjected to homogenizing annealing, an ingot blank is formed through machining, the height direction of the cylindrical ingot blank and any two mutually perpendicular radial directions are used as the Z direction, the Y direction and the X direction correspondingly, 3-6 passes of heading are performed in the Z direction, the Y direction and the X direction, and the pass deformation amount is 20-40%; then the X direction or the Y direction is used as the axis, 2-6 passes of corner angle rolling compressing are performed, the pass deformation amount is 10-20%, intermediate annealing is performed, and the forging process is performed repeatedly once or twice; a forge piece is subjected to T6 treatment after forging is finished, and a final forge piece with the diameter being 450-650 mm and the height being 300-700 mm is obtained; as for both the height direction and the radial directions of the T6 state at the room temperature, the tensile strength is larger than or equal to 460 MPa, the yield strength is larger than or equal to 400 MPa, the ductility is larger than or equal to 4%, and the strength difference between the height direction and the radial directions is smaller than or equal to 10 MPa, and the ductility difference between the height direction and the radial direction is smaller than or equal to 0.5%; and as for both the height direction and the radial directions at the temperature of 200 DEG C, the tensile strength is larger than or equal to 350 MPa, and the ductility is larger than or equal to 6%.