Achieving high strength-ductility synergy is a great challenge in low-alloyed Mg alloys. In this work, a new Mg–1.0Zn–0.45Ca–0.35Sn–0.2Mn (wt.%, ZXTM1000) alloy was designed and fabricated by sub-rapid solidification (SRS) to overcome the dilemma. After hot rolling and annealing, the new alloy sheet exhibited an excellent tensile yield strength (YS, ∼270 MPa) and elongation (∼21%). Microstructure characterization revealed that the high YS was mainly attributed to the fine grains (∼3 μm) and high density of spherical Ca2Mg6Zn3, Mg2Ca, and α-Mn precipitates. Moreover, the homogeneous grain size distribution, weakened TD-split texture and the activation of multiple types of slips contributed to the enhanced ductility. The findings demonstrate an effective way to fabricate low-alloyed Mg alloys with high strength and ductility by combining the SRS and hot rolling.