This study aims to investigate the effects of deep cryogenic treatment combined with traditional heat treatment on the microstructural characteristics, mechanical properties, and corrosion performance of ZK60 magnesium alloy. Quasi-in-situ TEM testing also indicates that deep cryogenic treatment induces the formation of ultra-fine zinc-rich precipitates in the magnesium matrix. After solid solution treatment, materials with cryogenic treatment will retain significant internal stress, which promotes the subsequent precipitation of rod-like β′1 during aging. Microstructural analysis reveals that deep cryogenic treatment before solution treatment and artificial aging can significantly enhance the length and density of rod-like β′1 precipitates. The treated material shows improved strength while maintaining its original elongation rate. Due to the nanoscale precipitation-induced micro galvanic effect, the aged samples exhibit a higher corrosion rate. The abundance of micrometer-sized second phases in the untreated sample does not significantly accelerate the material's corrosion rate. The solution-treated samples show the weakest micro galvanic effect and the best corrosion resistance.