Multi-component magnesium-based alloy consisting essentially of about 1.0-15.0 wt. % of scandium, about 0.1-3.0 wt. % of yttrium, about 1.0-3.0 wt. % of rare-earth metal, about 0.1-0.5 wt. % of zirconium. Purity degree of magnesium base is not less of 99.995 wt. %. Impurities of Fe, Ni and Cu do not exceed 0.001 wt. % of everyone, the contents of other impurity in an alloy does not exceed 0.005 wt. %. The alloy demonstrates an improved combination of strength, deformability and corrosion resistance at room temperature. The alloy does not contain harmful and toxic impurities. The alloy can be used in the various practical applications demanding a combination of high strength, deformability and corrosion resistance, preferably in the field of medicine.