The present experiment was conducted to obtain an appropriate addition strategy of magnesium oxide (MgO) for feedlot lambs and to elucidate how the combined addition of MgO and sodium bicarbonate (NaHCO3) influences the growth performance and carcass characteristics of feedlot lambs. Sixty male Dorper-Hu hybrid lambs (32.76 ± 0.85 kg) were randomly assigned to 20 pens (3 lambs per pen; 5 pens per treatment). Lambs received a corn-based total-mixed ration (TMR, 80:20 concentrate to forage) without supplementation (CON) or with the inclusion (dry matter basis) of 15 g/kg NaHCO3 (SB), 2.5 g/kg MgO + 7.5 g/kg NaHCO3 (MG1) or 5 g/kg MgO + 7.5 g/kg NaHCO3 (MG2). Buffer addition effectively increased ruminal pH and water intake in feedlot lambs (P < 0.01). The MG2 group had lower dry matter intake (P ≤ 0.03), while the MG1 group showed higher average daily gain and lower feed-to-gain ratio than the other groups (P < 0.01). Compared to the CON and SB groups, MG1 and MG2 groups had greater total tract nutrient digestibility, except for the stage 1 of DM and ADF (P < 0.01). Adding MgO with NaHCO3 improved total volatile fatty acids concentration (P < 0.01). Microbial community analysis revealed enhanced Prevotella abundance in both MG1 and MG2 groups (P = 0.04). Additionally, MG1 and MG2 groups also both exhibited greater serum antioxidant capacity compared to CON and SB groups (P ≤ 0.03). The MG1 group showed greater dressing percentage, and ribeye area than other groups (P < 0.01). Overall, the recommended supplementation strategy for the lambs' diet was 2.5 g/kg MgO + 7.5 g/kg NaHCO3. The mixture of MgO and NaHCO3 enhanced the total tract nutrient digestibility, rumen fermentation, and serum antioxidant capacity in lambs, resulting in improved lamb growth and carcass performance.