To improve the mechanical and corrosion properties of Mg10Gd, Nd and La are added, and from that, the influence of precipitation hardening was studied. An increase in strength, by decreasing grain size and increasing the volume fraction of Rare Earth-rich precipitates, has been found when increasing the amount of alloying elements. Alloys containing La appear less ductile. Where crack propagation is studied using 3-point bending on Mg10Gd and Mg10Gd1Nd, the failure is mostly driven by twinning; the alloys with La show suppressed twinning, but crack initiation and propagation is caused by brittle and coarse precipitates. Precipitation hardening did not improve fracture toughness and was mostly based on strong grain growth and low solubility of La in Mg. With added alloying elements, the grain size was found to be slightly smaller in the T6 condition—precipitates seem to pin grain boundaries and therefore limit grain boundary mobility. Alloys containing Nd showed the best precipitation hardening response. Corrosion behavior, investigated by voltammetry and immersion, showed the best behavior in the precipitation-hardened condition. Corrosion rates and surface morphology are used to discuss corrosion properties.