Magnesium and its alloys have such advantages with lightweight, high specific strength, good damping, high castability and machinability, which make them an attractive choice for applications where weight reduction is important, such as in the aerospace and automotive industries. However, their practical applications are still limited because of their poor corrosion resistance, low high temperature strength and ambient formability. Based on such their property shortcomings, recently degradable magnesium alloys were developed for broadening their potential applications. Considering the degradable Mg alloys for medical applications were well reviewed, the present review put an emphasis on such degradable magnesium alloys for structural and functional applications, especially the applications in the environmental and energy fields. Their applications as fracture ball in fossil energy, sacrificial anode, washing ball, and as battery anodes, transient electronics, were summarized. The roles of alloying elements in magnesium and the design concept of such degradable magnesium alloys were discussed. The existing challenges for extending their future applications are explored.