Provided is a hot dip zinc (Zn) alloy plated steel sheet having excellent corrosion resistance and surface qualities, and a method of manufacturing the same. For this purpose, provided is a high corrosion resistant hot dip Zn alloy plated steel sheet which includes an underlying steel sheet and a hot dip Zn alloy plating layer, wherein a composition of the hot dip Zn alloy plating layer includes 1 to 3 wt % of aluminum (Al), 1.5 to 4.0 wt % of magnesium (Mg), and Zn and unavoidable impurities as a remainder, in which Al+Mg is in a range of 2.5 to 7.0 wt % and Al: (Al+Mg) ratio is in a range of 0.38 to 0.48, and a method of manufacturing the high corrosion resistant hot dip Zn alloy plated steel sheet.