This paper investigates the microstructure, texture, and mechanical properties of the Mg-4Zn-1Mn-0.5Ca alloy subjected to hot extrusion under varying conditions of temperature (260 °C, 300 °C, 340 °C) and extrusion speed (0.01 mm/s, 0.1 mm/s, 1 mm/s). The primary objective is to determine the optimal extrusion parameters within the selected experimental range for achieving superior mechanical properties. The results indicate that, when extruded at a constant speed of 0.1 mm/s, the alloy exhibits optimal performance at 340 °C, with a yield strength of 202 MPa, ultimate tensile strength (UTS) of 306 MPa, and elongation at fracture of 18.9%. A decrease in extrusion temperature leads to an increase in yield strength but a reduction in ductility. Specifically, the UTS reaches its peak at 342 MPa at 300 °C, while it drops slightly to 329 MPa at 260 °C. The final results show that the comprehensive mechanical properties of the Mg-4Zn-1Mn-0.5Ca alloy obtained by hot extrusion treatment with an extrusion temperature of 300 °C and extrusion speed of 0.1 mm/s are the best and can effectively improve the mechanical properties of the alloy and provide a good choice for the preparation of other biodegradable magnesium alloy products.