Magnesium and its alloys have many advantages, such as low density, high specific strength and stiffness, good damping and electromagnetic shielding performance, good liquid formability and machinability, easy recycling et al. They possess splendid application prospects in aerospace, transportation and 3C products. However, the low absolute strength and poor heat and corrosion resistance of magnesium alloys limit their wider application. Research and engineering practice show that powder metallurgy process has great potential in improving mechanical properties and corrosion resistance of Mg-based materials. In this paper, the latest development of powder metallurgy Mg-based materials has been reviewed, and the applications of powder metallurgy Mg-based materials in biomedicine, automobile and hydrogen storage are briefly introduced. Ultimately, the development direction of powder metallurgy Mg-based materials and process research is prospected.