The high rare earth content in current magnesium alloys poses environmental and economic challenges. To address this issue, this study designs a Mg-7.5Gd-6Zn-0.5Zr alloy (GZ76, wt.%) with low rare earth content, high strength, and excellent ductility. The morphology of the as-cast GZ76 alloy is characterized by a dendritic structure consisting of an α-Mg matrix and interdendritic zones comprising W+I phases, interspersed with fragmentary Zn-Zr phases. Furthermore, the extrusion process is employed to meticulously control the microstructure and enhance the mechanical properties of the alloy. This research focuses on investigating the effects of extrusion parameters on magnesium alloys to optimize their extrusion processing conditions. Through systematic manipulation of the extrusion ratio and extrusion speed, a comprehensive analysis is conducted to examine their impacts on grain refinement, texture evolution, distribution of second phase, and mechanical properties of extruded magnesium alloys. The results indicate that due to the insufficient recrystallization process, the microstructure of the as-extruded GZ76 alloys exhibits a bimodal structure, encompassing both fine recrystallized grains and coarse unrecrystallized grains. At larger extrusion ratio, a faster extrusion speed leads to superior mechanical properties of the alloy. Conversely, at smaller extrusion ratio, a slower extrusion speed is more favorable for achieving higher strength. These findings provide valuable insights into optimizing the extrusion parameters for enhancing the performance of magnesium alloys in engineering applications.