The requirement for lightweight materials that can survive increasingly severe conditions for aerospace components has fueled the research on magnesium alloys. The current work investigates the influence of hot rolling on the creep characteristics of the Mg-5Ag alloy that is fabricated through a selective laser melting process. The creep properties of parent material (PM) and hot-rolled specimens (HRA) are determined by indentation creep tests at 250 °C, 275 °C, and 300 °C. The microstructural evolution, phase transformation kinetics, and texture evolution were deduced using instrumental analysis, including SEM, EBSD, TEM, and XRD. The specimen PM features α-Mg grains with intermetallic Mg-Ag particles along grain boundaries and random grain orientations with low-angle boundaries. However, specimen HRA has a more fraction of Mg-Ag precipitates, a dominant (0001) grain orientation, and higher peak intensity from the (002) plane. The HRA specimen also demonstrates higher apparent activation energies, attributed to microstructural changes from hot rolling. The results show that the creep resistance of the hot rolled Mg-5Ag alloy is superior to as-fabricated Mg-5Ag alloy based on the creep velocity, stress exponent, and apparent activation energy.