Abstract: Cold rolling experiments with different deformations were carried out for the as-cast Mg-8Li-1.5Zn alloy. The microstructure and properties of the alloy after cold rolling were studied by OM, tensile test and immersion corrosion test. The results show that the as-cast Mg-8Li-1.5Zn alloy has a two-phase microstructure of α-Mg phase and β-Li phase. The α-Mg phase in the cold-rolled alloy with a deformation of 70% is elongated in a strip shape along the rolling direction. After annealing, a large number of fine recrystallized grains appear at the boundary of the two phases of the alloy, and the microstructure is obviously refined. Compared with those of the as-cast Mg-8Li-1.5Zn alloy, the strength and corrosion resistance of the cold-rolled alloy are improved, while the plasticity is decreased. After annealing, the plasticity and corrosion resistance of the alloy are improved obviously. The maximum elongation of the alloy with 70% deformation after annealing is27.8%.