The article discusses the solidification and phase composition of the (wt.%) Mg–4.8Gd–2.1Nd–1.6Y–0.4Zn–0.6Zr (GEWZ522K) casting alloy. It is demonstrated that in the as-cast state, the alloy structure comprises primary zirconium particles, dendrites of the magnesium solid solution (αMg), and eutectic intermetallic phases located between dendritic branches. Following solution heat treatment at t = 530±5 °C, the alloy transitions into a single-phase state and can be significantly strengthened through artificial aging after quenching. It is recommended to apply alloy aging at t = 250 °C for 8–10 h or at t = 200 °C for 15–18 h. This approach leads to the maximum strengthening of the alloy, with the best mechanical properties achieved for the alloy aged at t = 250 °C. Regardless of the aging method used, the ultimate tensile strength (UTS) of the samples surpasses 300 MPa, which significantly exceeds that of commercial casting alloys according to GOST 2856-79. The measured corrosion rate for the GEWZ522K alloy is 7.5±0.4 mm/year, that slightly higher than that for the less alloyed commercial alloy ML10 (approximately 2.5 mm/year) tested under similar conditions. Furthermore, the alloy was subjected to tests for ignition resistance when in contact with air. It was observed that with continuous airflow over the specimen’s surface, ignition centers appear at t = 625 °C due to the breakdown of the oxide film, causing the alloy to nearly completely melt. Therefore, the GEWZ522K alloy can be employed as a high-strength casting alloy. However, during the operation of cast parts, particular attention must be paid to safeguarding the surface of these parts against corrosion.