In this paper, correlation of thermal stability ( $$ \Delta {T_x} $$ ) with the bond parameters such as electronegativity ( $$ \Delta x $$ ), atomic radius mismatch ( $$ \delta $$ ), and valence electron concentration ( $$ \Delta {n^{1/3}} $$ ) for Mg-based multicomponent bulk metallic glasses (BMGs) have been evaluated. A statistical approach of regression analysis has been adopted to investigate correlations among these parameters. Available experimental data have been used for the systematic investigation from ternary to multicomponent Mg-based BMGs. In addition, the applicability of the criteria has been assessed for the systems with and without rare earth (RE) elements. We have found that BMG systems containing RE group elements have significant effect on width of supercooled liquid region. Results obtained from our modified empirical equation have been compared with that of earlier models and have shown better correlations.