This study aims to clarify the strategic importance of magnesium metal as a key lightweight material in the 21st century against the backdrop of carbon neutrality. By systematically reviewing the magnesium industry chain and incorporating industry data from 2019 to 2024, the paper provides a comprehensive analysis of upstream supply, downstream applications, capacity changes, and market characteristics. The findings indicate that both global and domestic magnesium industries are developing positively, with steady output growth and continuous optimization of industrial structure. Market demand and scale continue to expand, and pricing mechanisms are becoming clearer. This research offers data support and decision-making references for future investment and planning in China's magnesium industry.