A new type of low-cost Mg-3.36Zn-1.06Sn-0.33Mn-0.27Ca (wt.%) (named as ZTMX3100) alloy ingot with good extrudability was prepared by semi-continuous casting. Two-stage homogenization treatment and hot extrusion were performed on the ingot. The effects of extrusion speeds (0.2–10 mm/s) on the extrudability, microstructure and mechanical properties of the alloy were investigated. The excellent extrudability of the alloy is attributed to the high incipient melting temperature of 572 °C resulting from the formation of thermally stable phase CaMgSn. CaMgSn phases distribute along the extrusion direction at each extrusion speed. The average grain size increases gradually and distribution uniformity of grain size firstly increases and then decreases. The as-extruded alloys exhibit textures with (0001) basal planes parallel to extrusion direction. Besides, the alloy exhibits a <101¯0> or <101¯0> − <112¯0> fiber texture depending on extrusion speed. The alloy extruded at 0.2 mm/s presents the highest mechanical property, which is attributed to the fine grain structure, strengthening effect from second phase particles, and weak basal texture. The alloy extruded at high speed of 10 mm/s (die-exit speed 18 m/min) still maintains a relatively high strength and elongation, which is mainly due to the combined effect of moderate alloying content and thermally stable phase CaMgSn.