Magnesium is one of the lightest structural metals have the capability to replace the conventional alloys for mass saving applications and provides higher strength and stiffness. Additionally, it also has the ability to absorb the hydrogen in the form of hydrides and can be used as a future source of energy carrier. The theoretical hydrogen capacity of 7.6 wt% makes it more suitable for future energy sources but needs to reduce the working sorption temperature. Moreover, magnesium is the primary source of the body and has strength equal to the bone, making it more suitable for biomedical applications and higher biocompatibility. Some challenges of magnesium-based metal matrix composites are still encountering structural applications, hydrogen energy storage, and biomedical applications due to manufacturing methodologies and proper materials selection to get required results.