As the lightest structural metallic material, Mg-Li alloy has been paid more and more attention in the aerospace field and electronic industry recently [1–3]. However, the low strength is one of the important factors that limit the Mg-Li alloys’ application. A variety of methods such as micro alloying, heat treatment, extrusion and rolling have been used to overcome this weakness [4–7]. Among these, microalloying design is very important and a reasonable alloy composition is essential for the development of advanced Mg-Li alloy. On the other hand, the low density is the biggest feature for Mg-Li alloys which should be considered for the new Mg-Li alloy composition design.