In present work, two kinds of Mg-4Al-2Zn alloy (AZ42) with minor addition of Y elements (0.5, 1.0 wt.%) were succesfully fabricated by gravity casting and rapid solidifaication process, respectively. In addition, microstructure, mechanical properties and corrosion behavior of AZ42 alloys with Y addition were systemetically investigated. The results show that rapid solidification technique can significantly refine the microstructure of AZ42 alloys containing Y and improve related mechanical properties and corrosion resistance compared with the traditional casting counterparts. The microstructure of Y-bearing AZ42 alloy is mainly composed of α-Mg matrix, β-Mg₁₇Al₁₂ phase and Al₂Y phase. Moreover, the addition of Y in AZ42 alloy resulted in grain refinmenent and enhancement of both mechancial and corroison properties, which maybe attributed to fine grain size and distribution modification of β-phase. And the optimum amount of Y element in AZ42 alloy is determined to be 0.5 wt.%.