The impact of annealing on the recrystallized grain structure and superplastic behavior of two Al-Mg 5xxx alloys used for high-speed blow forming (HSBF) was studied. The results revealed that both alloys demonstrated rapid static recrystallization after only a few minutes of annealing at 520 °C, forming fine and equiaxed grain structures. After four min of annealing, Alloy 2 (Al-4.0Mg-1.18Mn) exhibited a higher fraction of small grains (<10 µm) compared to Alloy 1 (Al-4.5Mg-0.74Mn). Moreover, Alloy 2 displayed enhanced resistance to grain coarsening with increasing annealing times, which was attributed to its higher amount of Al6(Mn,Fe) intermetallic particles and a higher number density of Mn dispersoids. Optimizing the annealing time can effectively develop a fine and stable grain structure in Al-Mg 5xxx alloys. During tensile deformation, Alloy 2 consistently showed higher ductility compared to Alloy 1 at low strain rates (170% vs. 138% at 0.001 s−1 and 163% vs. 134% at 0.01 s−1), whereas at a high strain rate of 1 s−1, both alloys displayed comparable tensile elongation. The high superplastic response of Alloy 2 at low strain rates renders it a superior superplastic alloy for HSBF applications.