The Mg-Y-Zn magnesium alloy system is commonly recognized for its remarkable combination of high strength and ductility, achieved even with minimal amounts of alloying elements. This exceptional performance is attributed to its unique microstructure, which includes Long-Period Stacking Ordered (LPSO) phases or the distinctive microstructure derived from the LPSO phase, referred to as the Mille-Feuille structure (MFS). This study systematically compares the traditional ingot metallurgy method with the rapid solidification technique, coupled with diverse heat treatments and extrusion processes. Microscopic analyses reveal variations in the presence of LPSO phases, Mille-Feuille structure, and grain size, leading to divergent mechanical and corrosion properties. The rapid solidification approach stands out, ensuring superior mechanical properties alongside a reasonable corrosion rate.