The invention provides a Mg alloy for being implanted in bone. The Mg alloy is characterized by comprising the following chemical components in percentage by weight: 1.5-3% of Zn, 0.6-1.1% of Mn, 0.3-0.8% of Ca, 0.3-0.45% of Si, 0.45-0.8% of Sr, 1-1.8% of Li, 2.5-3.5% of Cr, 1-2% of Cu, 1.3-1.4% of Mo, 0.01-0.08% of Sc, La and Ce, 0.1-0.8% of Nb, and the balance of Mg and inevitable impurity elements. According to the Mg alloy provided by the invention, the yield strength is higher than or equal to 370 MPa, the tensile strength is higher than or equal to 410 MPa, the elongation is higher thanor equal to 8.5%, and the sterilizing rate is higher than or equal to 90%. The above indices of the Mg alloy are obviously higher than those of other products which lack alloy elements and those of similar products which are not subjected to surface coating treatment.