Magnesium alloy AZ31 is one of the suitable lightweight alloys with good strength-to-weight ratio for automotive, aerospace, and aircraft applications. The as-cast AZ31 has a lesser hardness, corrosion, and wear resistance. However, work hardening techniques refine the microstructure of AZ31 alloy with a uniform dispersion of ? phase particles and hence improve the desirable properties. In this study, the as-cast AZ31 alloy is hot-rolled at different temperatures (150, 300, and 400 °C). The influence of rolling temperature on the microstructural evolution, microhardness, wear rate, and corrosion rate of specimens is analyzed. The instrumental characterization (FE-SEM, HR-TEM, and SE) is performed to deduce the kinetics of microstructural evolution, wear mechanism, and corrosion mechanism. The optimum hot rolling temperature for AZ31 alloy is inferred from the results.