The elastic and inelastic \ensuremath{\alpha} scattering to states of the ground state and \ensuremath{\gamma} band in $^{24}\mathrm{Mg}$ has been measured at 54 MeV. The data have been analyzed with the coupled-channel method based both on conventional Saxon-Woods type potentials and double-folding potentials. Coupled-channel calculations utilizing the results of this analysis give a good overall agreement with existing data in the energy range 28--120 MeV. The deduced isoscalar transition strengths compare very favorably with corresponding electromagnetic properties as well as with phenomenological interacting boson-model and microscopic shell-model calculations. The only serious discrepancy between isoscalar and electromagnetic properties, the ${2}_{2}^{+}$\ensuremath{\rightarrow}${2}_{1}^{+}$ transition strength, persists further on. The shell-model calculations have been carried out based upon the Wildenthal interaction. They account very well for both the energies and the dynamic properties of the ground state and \ensuremath{\gamma} band of $^{24}\mathrm{Mg}$.