Elements such as Mg, Zn, and Sr were selected in this research, and the Zn content was set to 3.8%. The relative content of Sr was determined to be 1.0% after the influence of Sr on the microstructure and properties of Mg–Sr alloys was explored. Then, the Mg–3.8Zn–1.0Sr alloy material was prepared, and the uniformity and tensile strength of the material were further increased through solution treatment and aging treatment. When the biodegradation test was performed and the biocompatibility of the material was analyzed, the material was used in the rehabilitation treatment of intracranial wide-necked aneurysms. In the test, the addition of Zn and Sr helped to form the passivation film on the surface of the magnesium alloy, and the second phase of the cross-section generated can prevent the expansion of corrosion. The corrosion rate continued to decrease with time (P < 0.05), and the pH of the DMEM solution participating in the experiment also showed a rising trend (P < 0.05). The hemolysis rate of Mg–3.8Zn–1.0Sr (wt.%) alloy was only 4.54%, indicating that it had a good anti-hemolytic function and showed low toxicity in the cytotoxicity test of the extract. The lateral wall type aneurysm model was constructed in white rabbits, and Mg–3.8Zn–1.0Sr (wt.%) was set as the stent material. Postoperative follow-up showed that the material implantation in the model promoted the complete occlusion of the aneurysm and the unobstructed common carotid artery. The molybdenum target test showed that the prepared magnesium alloy stent gradually degraded with time, and most of it degraded after 12 months. Moreover, clinical trials of intracranial wide-necked aneurysms suggested that alloy stent materials based on the preparation of Mg–3.8Zn–1.0Sr can help patients realize complete embolization. Although there was residual tumor, no recurrence of aneurysm occurred in the re-examination, which proved that the stent material was effective.