In this letter, the authors have elucidated the effect of alloying biocompatible and lighter magnesium (Mg) solute atoms in a bicrystalline aluminium (Al) solvent incorporated with a faceted coherent-incoherent grain boundary (GB) to analyze the tensile deformation mechanisms. Cryogenic temperature and high strain rate conditions were imposed through molecular dynamics simulations to report the detrimental effect of Mg addition on the tensile strength of Al-Mg alloys. Evidence of transitioning in deformation modes for pure Al and Al-Mg alloys was seen. On elaborating, for pure Al, GBs acted as the dislocation nucleation site; whereas for Al-Mg alloy, it was both the GBs and grains. It was observed that stacking faults (SFs) originated from GBs and propagated toward grains in Al. In contrast, in Al-Mg alloys, SFs were generated simultaneously from both GBs and grains. This simultaneous nucleation of dislocations and SFs from both GBs and grains renders bicrystalline alloys lower the elastic limit than pure metal. Conversely, beyond this elastic limit, the alloys exhibit higher flow stress than the pure metal due to the Mg-dislocation interactions. These findings offer valuable insights for tailoring the mechanical properties of Al-Mg alloys to meet aerospace, automotive and marine engineering-related application requirements.