Mechanical properties, exfoliation corrosion behavior and microstructure of Al-5.98Mg-0.47Mn and Al-6.01Mg-0.45Mn-0.25Sc-0.10Zr (wt%) alloy sheets under various homogenizing and annealing processes were investigated comparatively by tensile tests, electrochemical measurements, X-ray diffraction technique and microscopy methods. The as-cast alloys mainly consist of Fe and Mn enriched impurity phases, Mg and Mn enriched non-equilibrium aluminides and Mg3Al2 phases. During homogenization treatment, solvable intermetallics firstly precipitate and then dissolve into matrix. The optimized homogenization processes for removing micro-segregation and obtaining maximum precipitation strengthening of secondary Al3(Sc, Zr) particles are 440°C×8h and 300°C×8h, respectively. Sc and Zr additions can make the yield strength of Al-Mg-Mn alloy increase by 21MPa (6.9%), 120MPa (61.2%) and 127MPa (68.3%), when annealed at 270°C, 300°C and 330°C, respectively, indicating that Orowan precipitation strengthening caused by secondary Al3(Sc, Zr) nano-particles is much greater than grain boundary strengthening from primary Al3(Sc, Zr) micro-particles. Increasing homogenization and annealing degrees and adding Sc and Zr all can decrease corrosion current density and improve exfoliation corrosion resistance. The exfoliation corrosion behavior is dominant by anodic dissolution occurring at the interface between intermetallics and ɑ(Al) matrix. After homogenizing at 440°C for 8h and annealing at 300°C for 1h, yield strength, ultimate strength, elongation to failure and exfoliation corrosion rank are 196MPa, 360MPa, 20.2% and PA (slight pitting corrosion) in Al-Mg-Mn alloy, and reach to 316MPa, 440MPa, 17.0% and PA in Al-Mg-Mn-Sc-Zr alloy, respectively, revealing that high strength, high ductility and admirable corrosion resistance of Al-Mg-Mn alloys can be achieved by the synergetic effects of Sc and Zr microalloying and heat treatment.