Mg₆₉Zn₂₇Ca₄ with a spot of Fe particle-reinforced alloys was synthesized by Cu-mold injection casting using industrial raw materials. The microstructure, mechanical properties and corrosion resistance of these Mg-based alloys were studied by X-ray diffraction, differential scanning calorimeter, compressive testing and electrochemical measurements, respectively. The Mg₆₉Zn₂₇Ca₄ alloy can be controlled to become fully amorphous using the industrial raw materials. With Fe particle addition, ductile α-Mg and Mg–Zn dendrites were embedded in the amorphous matrix, which enhanced the compressive strength and fracture strain. The Mg₆₉Zn₂₇Ca₄ glassy alloy and Mg₆₉Zn₂₇Ca₄/Fe alloy remarkably improved the corrosion resistance in 3.5 wt% NaCl solution compared with AZ31 and pure Mg. Therefore, Mg₆₉Zn₂₇Ca₄ and Mg₆₉Zn₂₇Ca₄/Fe alloys have high potential as engineering materials.