The invention discloses a corrosion-resistant high-performance wrought magnesium alloy and a preparation method thereof. The preparation method comprises the steps of alloy smelting, solid solution and hot extrusion. Firstly, a ZK60 magnesium alloy containing a rare earth element ytterbium (Yb) with the mass percent of 1.8% to 2.1% is smelted according to ingredients, then solid solution treatmentis carried out on the ZK60 magnesium alloy for 450 DEG C*24 h in protection gas, and hot extrusion is carried out at the temperature of 250 DEG C to 320 DEG C with the strain rate of 0.005 s<-1> to 0.01 s<-1> and the extrusion ratio of 32-40. The tensile strength of the finally obtained ZK60 alloy is 400-450 MPa, the ductility ranges from 10% to 20%, and compared with a commercialized ZK60 alloy,the corrosion current density can be reduced by 1-2 magnitudes orders. According to the corrosion-resistant high-performance wrought magnesium alloy and the preparation method thereof, a wrought magnesium alloy material prepared through a conventional process is utilized, high strength and high plasticity are achieved, excellent corrosion resistance is achieved, and the corrosion-resistant high-performance wrought magnesium alloy can be adopted as a ideal alternative to aerospace, weapon, 3C and biomedical materials.