This application relates to a wrought magnesium alloy and a method of manufacturing the same, and a high-speed extrusion method for manufacturing an extrudate using the same. In one aspect, the magnesium alloy includes 2.0 wt % to 8.0 wt % of bismuth (Bi), 0.5 wt % to 6.5 wt % aluminum (Al), the balance of magnesium (Mg), and inevitable impurities. Using a magnesium alloy for high-speed extrusion according to the present disclosure, it is possible to manufacture a magnesium alloy extrudate having a good surface quality without hot cracking even under high-temperature (extrusion temperature: 300° C. to 450° C.) and high-speed (die-exit speed: 40 m/min to 80 m/min) extrusion conditions. Furthermore, the extrudate manufactured from the magnesium alloy exhibits greatly improved strength and elongation compared to existing magnesium extrudates even when the alloy does not contain a rare-earth metal.