The invention discloses a low-cost rapid-
corrosion magnesium alloy and a preparation method thereof. The
alloy comprises the following elements of, by
mass, 3.0wt%-25wt% of Al, 0.20wt%-1.0wt% of Ca, 2.0wt%-15wt% of Zn, 1.20wt%-3.0wt% of Cu, 1.50wt%-5.0wt% of Fe and the balance Mg and other
impurity elements. According to the low-cost rapid-
corrosion magnesium alloy and the preparation method thereof, a Mg-Al-Ca-Zn-Cu-Fe alloy is adopted, the grain size of a cast
ingot is refined through the Ca, then the segregation of the cast
ingot is reduced, the Cu and the Fe in the material are uniformly distributed, fine dispersed Mg2Cu and Mg2Fe are formed, and the purpose of rapid
corrosion dissolution is achieved; meanwhile, the basal texture of the
magnesium alloy is weakened, so that the elongation of the material is improved; and in addition, the Ca has
flame-retardant and anti-oxidation effects, so that the
ignition point of the alloy is improved, and therefore, the using amount of protective gas is reduced in the
smelting process, and no
gas protection is required during the homogenization process.