The liquid phase projection diagram, three-dimensional phase diagram, and vertical section diagram of the Zn–x%Al–x%Mg alloy system was calculated using the phase diagram calculation software Pandat. Simultaneously making full use of the self-developed hot-dip galvanizing process simulation machine by China Steel Research produced a 75%Zn–19%Al–6%Mg coating. A method combining phase diagram calculations and experimental verification was used to investigate the equilibrium phases and solidification process of the alloy. The microstructure of the 75%Zn–19%Al–6%Mg coating was studied using scanning electron microscopy and energy dispersive spectrometry. The results indicate that the coating structure consists of primary Al dendrite phase, MgZn2 inter-metallic compound and Zn-rich phase. There is no ternary eutectic structure in the coating structure. Al dendrites grow on the surface of the coating, while there are no Al dendrites on the cross-section. The experimental results strongly concur with the calculated results from the Pandat phase diagram. The solidification sequence of the 75%Zn–19%Al–6%Mg coating is L→L + Al→L + Al + MgZn2→Al + MgZn2 + Zn. The phase diagram guides industrial production significantly, avoiding the waste of transitional materials and zinc caused by small scale trial and error experiments, thus reducing unnecessary production costs. The factory can select a reasonable coating composition designing scheme in the phase diagram, based on the performance requirements of customers for the coating.