Abstract: Magnesium-lithium alloys are widely used in automotive, aerospace, and other fields due to their ultra-light weight, high strength, and good formability. However, the low strength and poor corrosion resistance of magnesium-lithium alloys have greatly limited their further development. Element alloying is an effective method to improve the performance of materials, which can effectively address the aforementioned issues. In this paper, the effects of element alloying with various metals on the microstructures and properties of magnesium-lithium alloys are systematically reviewed. In terms of microstructures, element doping can induce the formation of second phases, grain boundary migration, or grain refinement in the alloy. In terms of mechanical properties, the mechanical properties can be improved through fine-grain strengthening, solid solution strengthening, and second- phase strengthening methods. In terms of corrosion resistance, it can be enhanced by reducing the surface corrosion active sites, inhibiting micro-electrochemical corrosion, and promoting the formation of a dense oxide film on the surface. Finally, the future development directions of magnesium-lithium alloying are prospected, aiming to provide theoretical references for future research on these alloys.