The invention discloses a new continuous forging extrusion processing method capable of improving the comprehensive property of a deformed magnesium alloy. The method is suitable for a magnesium alloymaterial, the conventional extrusion deformation process is adopted for extruding the magnesium alloy blank, the section surface of the blank is smaller than that of an extrusion cylinder, in the deforming process, the magnesium alloy blank is subjected to upsetting deforming (that is forging) and then is subjected to hot extrusion deforming, continuous forging extrusion is achieved, dependent variables accumulated two times is obtained, the blank accumulated deforming degree is improved, the recrystallization nucleation rate is increased, grain particles are effectively refined, and can be refined to multiple micron or submicron scales, and the final comprehensive mechanical property of the material is improved. The method is simple in technology, high in maneuverability, wide in application range, suitable for large-scale industrial production and good in application prospect and economic benefit.