A rapidly solidified powder metallurgy (RS P/M) magnesium alloy, Mg97Zn1Y2, was developed with excellent tensile yield strength above 600 MPa. The alloy was produced using RS P/M processing, which involves rapid solidification and consolidation. The tensile yield strength and elongation of the alloy varied with consolidation temperature, ranging from 480 to 610 MPa and 5 to 16%, respectively. The alloy exhibited a Young's modulus of 45 GPa and a specific tensile yield strength four times higher than that of commercial AZ91-T6 alloy, surpassing conventional titanium and aluminum alloys. The alloy also showed excellent elevated-temperature yield strength of 510 MPa at 423 K and high-strain-rate superplasticity over a wide strain rate range from 1×10⁻² to 1×10⁰ s⁻¹ at 623 K. The alloy demonstrated good ductility and high thermal stability, making it suitable for applications requiring high specific strength at ambient and elevated temperatures and high workability. The alloy's nanocrystalline structure, with fine hcp-Mg grains and homogeneous dispersion of nanocrystalline compound particles, contributed to its high strength and ductility. The alloy's specific tensile strength was significantly higher than that of conventional alloys, making it a promising candidate for lightweight structural applications. The study highlights the potential of RS P/M processing in developing high-performance magnesium alloys with unique mechanical properties.A rapidly solidified powder metallurgy (RS P/M) magnesium alloy, Mg97Zn1Y2, was developed with excellent tensile yield strength above 600 MPa. The alloy was produced using RS P/M processing, which involves rapid solidification and consolidation. The tensile yield strength and elongation of the alloy varied with consolidation temperature, ranging from 480 to 610 MPa and 5 to 16%, respectively. The alloy exhibited a Young's modulus of 45 GPa and a specific tensile yield strength four times higher than that of commercial AZ91-T6 alloy, surpassing conventional titanium and aluminum alloys. The alloy also showed excellent elevated-temperature yield strength of 510 MPa at 423 K and high-strain-rate superplasticity over a wide strain rate range from 1×10⁻² to 1×10⁰ s⁻¹ at 623 K. The alloy demonstrated good ductility and high thermal stability, making it suitable for applications requiring high specific strength at ambient and elevated temperatures and high workability. The alloy's nanocrystalline structure, with fine hcp-Mg grains and homogeneous dispersion of nanocrystalline compound particles, contributed to its high strength and ductility. The alloy's specific tensile strength was significantly higher than that of conventional alloys, making it a promising candidate for lightweight structural applications. The study highlights the potential of RS P/M processing in developing high-performance magnesium alloys with unique mechanical properties.