Mg AZ80/91 alloys are highly popular due to their lightweight, high strength-to-weight ratio, and good machinability. However, their moderate mechanical properties and corrosion resistance have limited their use in the automotive, aerospace, and defense sectors. This study primarily aims to enhance the mechanical performance and corrosion resistance of Mg AZ80/91 alloys, making them more suitable for applications in the aerospace and automotive industries. Firstly, equal-channel angular pressing (ECAP) of Mg AZ80/91 alloys has been attempted to improve their mechanical properties. Secondly, a high-velocity oxy-fuel (HVOF) coating of SS316 was applied over the Mg AZ80/91 substrate to enhance its corrosion resistance. In the second step, an HVOF coating of SS316 is applied over the Mg AZ80/91 substrate for better corrosion resistance. The experimental findings demonstrate that the application of an SS316 coating on the ECAP-4P AZ80/91 Mg alloy substrate results in a uniform and dense layer with an average thickness of approximately 80 ± 5 µm. The HVOF-based SS316 coating on 4P-ECAP leads to a noteworthy enhancement in microhardness and a reduction in the corrosion rate, especially in a NaCl solution (3.5 wt.%). This improvement holds great promise for producing reliable, long-lasting, and resilient automotive, aerospace, and defense components. The application of an HVOF-based SS316 coating onto the AZ80 Mg alloy, which had not undergone ECAP treatment, led to a substantial enhancement in corrosion resistance. This resulted in a notable decrease in the corrosion current density, reducing it from 0.297 mA/cm2 to 0.10 µA/cm2.