An improved magnesium-based alloy for wrought applications is disclosed, including a method of fabricating alloy sheet from said alloy. The improved magnesium-based alloy consists of: 0.5 to 4.0% by weight zinc; 0.02 to 0.70% by weight a rare earth element, or mixture of the same including gadolinium; and incidental impurities. The rare earth element in some embodiments may be yttrium and/or gadolinium. In some embodiments the magnesium-based alloy may also consist of a grain refiner and in some embodiments the grain refiner may be zirconium. In combination, the inclusion of zinc and a rare earth element, into the magnesium alloy may have enhanced capacity for rolling workability, deep drawing at low temperatures and stretch formability at room temperature. The improved alloy may also exhibit increased tensile strength and formability while evincing a reduced tendency for tearing during preparation.