Mg-Gd-Y-Zn-Zr alloy is an essential high strength weight ratio material in the aerospace field. It has been fabricated gradually using wire-arc additive manufacturing (WAAM), a key integrated preparation technology for large-scale parts. In this investigation, a Mg-9.4Gd-3.3Y-1.75Zn-0.38Zr (wt.%) alloy was prepared by WAAM based in the cold metal transfer (CMT) process. Investigations were conducted into the microstructural evolution and mechanical properties during the solution and aging heat treatment. With an average grain size of 18.30 ± 9.89 μm, the as-deposited Mg-Gd-Y-Zn-Zr alloy is mainly composed of α-Mg matrix, (Mg,Zn)3(Gd,Y) eutectic phase, RE-rich particles, and rare-earth (RE) segregation zone. Following a 12-h heat treatment at 500 °C, the average grain size of the α-Mg matrix showed no appreciable changes. The α-Mg matrix also dissolved the (Mg, Zn)3(Gd, Y) phases, which led to the production of long period stacking ordered (LPSO) phases and the disappearance of the RE-segregation zone. The appearance of the nanoscale β′ phase following aging heat treatment. The deposited alloys had the following tensile properties: 196.5 ± 24 MPa for ultimate tensile strength (UTS), 157.2 ± 14 MPa for yield strength (YS), and 2.08 ± 0.8% for elongation (EL). The formation of LSPO phase can improve the ductility while the formation of nanoscale β′ phase can improve the strength of Mg-Gd-Y-Zn-Zr alloy. Thus, after heat treatment at 500 °C for 12 h, the alloy's EL rose to 9.27 ± 0.94%. After further aging heat treatment for 225 °C at 24h, the alloy's YS rose to 234±3 MPa and its EL was 4.56 ± 0.25%.