Magnesium (Mg) alloys have several advantages, such as low density, high specific strength and biocompatibility. However, they also suffer weak points, such as high corrosion, low formability and easy ignition, which makes their applications limited. Many studies have been conducted to overcome these disadvantages and further improve the advantages of Mg alloys. Severe plastic deformation (SPD) is one of the most important techniques and has great effects on the microstructure refinement of Mg alloys and improvements in their strength and formability. Several researchers have studied the corrosion behavior of SPD-processed Mg alloys in recent decades. However, these studies have reported some controversial effects of SPD on the corrosion of Mg alloys, which makes the research roadmap ambiguous. Therefore, it is important to review the literature related to the corrosion properties of Mg alloys prepared by SPD and understand the mechanisms controlling their corrosion behavior. Effective grain refinement by SPD improves the corrosion properties of pure Mg and Mg alloys, but control of the processing conditions is a key factor for achieving this goal because texture, dislocation density, size and morphology of secondary phase also importantly affects the corrosion properties of Mg alloys. Reduced grain size in the fine grain-size range can decrease the corrosion rate due to the increased barrier effect of grain boundaries against corrosion and the formation of a stable passivation layer on the surface of fine grains. Basal texture reduces the corrosion rate because basal planes with the highest atomic planar density are more corrosion resistant than other planes. Increased dislocation density after SPD deteriorates the corrosion resistance of the interior grains and thus proper annealing after SPD is important. The fine and uniform distribution of secondary phase particles during SPD is important to minimize the micro-galvanic corrosion effect and retain small grains during annealing treatment for removing dislocations.