Co-intercalation type hybrid magnesium-lithium-ion batteries (MLIBs) have received widespread attention in recent years for higher electrolyte utilization and conspicuous insertion kinetics. However, the co-intercalation strategy is rarely explored in replaceable anode host structures. We propose a cation exchange strategy to optimize metal sulfide, endowing MLIBs with high specific capacity, prominent cycle stability and rate performance. Kinetics analyses combined with density functional theory (DFT) calculations demonstrate the preferential absorption of Mg2+/Li+ in Bi-Sb sites and fast migration kinetics induced by Mg2+/Li+ co-insertion. COMSOL Multiphysics simulations further prove the prominent lyophilic effect of the bimetallic sulfide in facilitate ion diffusion. In addition, the multi-step reaction mechanisms and structural evolutions are profoundly revealed by a series of ex-situ investigations. Our findings provide inspirations on exploring novel electrode materials with outstanding electrochemical performance toward large-scale energy storage applications.