The effect of hot rolling on the microstructure, mechanical, and corrosion properties of the magnesium alloy 96 wt% Mg–2.3 wt% Zn–0.7 wt% Ca–1 wt% Mn was studied. After heat treatment, the original plates of an as-cast alloy were rolled from a 7 mm thickness to a 0.2 mm thickness at two temperatures—300 or 400 °C. It has been established that increasing the rolling temperature from 300 to 400 °C increases the fraction of recrystallized grains in the microstructure and after rolling at 400 °C, the microstructure is fully recrystallized. The best strength–ductility balance of the alloy was obtained after rolling at 300 °C, with a high total percentage reduction of 93–97%: the yield stress, the ultimate tensile strength, and the elongation averaged at 285 MPa, 310 MPa, and 5%, respectively. The alloy after rolling, annealed at 400 °C, shows improved ductility but lower strength: the yield stress, the ultimate tensile strength, and the elongation were 200 MPa, 260 MPa, and 17%, respectively. The strong dependence of corrosion resistance on respect to rolling direction is observed, which can be reduced after heat treatment. The as-rolled alloy and the heat-treated alloy had low corrosion rates in Hanks’ solution of 0.54 and 0.19 mm/year, respectively.