To obtain aluminum-air batteries with a high anodic efficiency and low corrosion rate, it is necessary to study the methods by which their aluminum alloy anodes are prepared. Here, the performance of an aluminum alloy anode was optimized by microwave melting and rolling. The aluminum anode showed the best performance under a 1000 W microwave power, two passes, and 40% reduction degree (sample denoted 1000W-2–40%). Under these conditions, the grain size of the Al–Zn–Bi–Pb anode was uniform, and no intergranular corrosion was observed. The corrosion resistance was high, and the anodic efficiency reached 72.72%. Finally, by observing the microstructure of an aluminum anode obtained under 1000 W microwave treatment, the corrosion mechanism was analyzed. The activity of the rolled aluminum anode was improved due to the existence of ZnAl2O4 phase. However, in 1000W-1–30%, 1000W-2–20%, and 1000W-3–30% samples, fine grains precipitated at high-angle grain boundaries. The grain orientation was mainly (110), which led to the intergranular corrosion of a large area of the anode, which made it unsuitable for use in aluminum-air batteries.