Metal fuels are emerging as one of the promising alternatives to fossil fuels by providing considerable heat energy without CO2 generation. In particular, magnesium (Mg) is utilized in rocket propellants, fuel cells, and energy storage systems by virtue of its high reactivity, great energy density, and low cost. While its performance degradation when exposed to both short-term and prolonged storage conditions is expected, the clear aging characteristics have not been explained in the past. Two products of hygrothermal aging process of Mg are identified as Mg(OH)2 and MgO, where Mg(OH)2 decomposes at a relatively low temperature for accelerating the oxidation process while MgO tends to desensitize the reactivity of Mg by the surface oxidation of particles. Here, a decreased on-set reaction temperature or enhanced reactivity is observed on relatively short-term aged samples, which is attributed to the formation of Mg(OH)2. For accelerated aging conditions beyond 25 weeks, the oxide film covers the entire particle surface, and thus only the core oxidation could occur, which results in an increase of activation energy. This observation is contrary to the decreased reactivity of metal fuels subjected to aging in general. Moreover, the reactivity based on the stoichiometry is examined by varying the amount of oxygen supplied. The activation energy for long-term aging periods tended to increase under oxygen-rich condition, which can be ascribed to the reaction between Mg(OH)2 and O2. Also, the effects of the generation or the decomposition of various intermediates of the oxidation process can be included. Thus, the present study identified the peculiar enhancement of reactivity of Mg subjected to hygrothermal aging and further clarified the roles of surface and core oxidations as they both affect the reactivity under the oxygen enrichment conditions.