Magnesium-based hydrogen storage alloy has become one of the most promising hydrogen storage alloy materials due to its high hydrogen storage capacity, lightweight and abundant resources. However, the practical application of MgH2 for hydrogen storage is still impeded by its slow kinetics and high temperature of hydrogen absorption and desorption. In this paper, the literature on the modification of alloys in recent years is summarized, and the methods to improve the properties of magnesium-based hydrogen storage alloys are briefly discussed. The research progress of transition metal-based materials and light metals to improve the kinetic and thermodynamic properties of magnesium-based hydrogen storage alloys is reviewed mainly from the classification of metal substitution method, catalytic method and light metal complexation method. By comparing the differences and characteristics of each modification method, the development direction of preparation methods of magnesium-based hydrogen storage alloys is analyzed and prospected. The first two methods mainly improve the kinetic performance by reducing the activation energy of the reaction of the magnesium-based material, while the third method is to reduce the particle size of the magnesium-based material to the nanometer level, which can greatly reduce the reaction enthalpy change during the hydrogen absorption and desorption process of the alloy, thereby reducing the hydrogen absorption temperature of the magnesium-based material.