In the present study, various processes have been carried out on the extruded Mg-4Zn-4Al-0.6Ca-0.5Mn (wt%) alloy to achieve a low corrosion rate Magnesium (Mg) alloy. Microstructure studies revealed that the extruded alloy contained the needle-like Al-Mn second phases and the globular and elongated (Mg,Al)2Ca + ϕ(AlMgZn) phases. After solution treatment, the area fraction of the second phase decreased drastically from 5.1 % to 2.4 %. The later multi-directional forging (MDF) formed a modified ultrafine grain structure with an average grain size of 0.9 µm. The post-annealing process reduced the dislocation density of the heavily-deformed grains of the MDFed alloy, resulting in a grain size of 5.89 µm and an area fraction of 2.8 %. The annihilation of dislocations and homogeneous distribution of broken second phase particles after MDF and post-annealing processes improved the ultimate compressive strength and compressive strain from 352 MPa and 4.2 % for the extruded to 376 MPa and 5.1 % for the post-annealed alloy. Moreover, by applying solution treatment, MDF, and post-annealing, the corrosion rate of the extruded alloy drastically decreased from 2.13 mm/y to 0.76 mm/y due to grain refinement and reduced area fraction of phases and their random distribution. According to the corrosion results, the area fraction of second phase particles and the grain size obtained after different processes significantly influenced the corrosion properties, which was discussed in detail in the present study. On the one hand, the post-annealed alloy contained a significantly lower area fraction of particles than the extruded alloy, reducing micro-galvanic corrosion. On the other hand, significant grain refinement after the MDF process lowered the corrosion rate compared to the extruded alloy. However, the short-time annealing process annihilated the dislocations and high-energy sites while not significantly increasing the grain size and deteriorating the mechanical properties. Therefore, the combination of MDF and short-time annealing could be a remarkable route to obtaining the low corrosion rate and high strength Mg alloy.