Magnesium (Mg) alloys have been receiving significant applications in automotive and aerospace industries owing to its high strength-to-weight ratios. Approximately 30 % (by weight) of material used in automobiles are in the form of sheet metal. Therefore, in the present work AZ31 magnesium (Mg) alloy was hot rolled with different reduction ratios to produce Mg sheet. The results revealed that employing a 40 % reduction per pass led to a remarkable 92 % reduction in thickness, outperforming the 82 % reduction achieved with a 20 % reduction per pass, along with fine grain of 8 μm. Investigation has been conducted on the relationship between grain size and its impact on the tension-compression yield asymmetry in Mg sheet. This investigation unveiled that the suppression of {101‾2} extension twinning mode of deformation due to the back stress imposed by the simultaneous action of grain boundaries and twin overlap, effectively minimizing the asymmetry from 2.11 (as received AZ31 alloy) to 1.13 (5th pass rolling sheet). The study extensively explored the underlying mechanisms governing the yield asymmetry behavior of AZ31 Mg sheets. These mechanisms included strain hardening tendencies, Schmid Factor, and KAM (Kernel Average Misorientation) assessment, all of which were interconnected with microstructural attributes.