Consolidated nano/sub-micron AZ31 Mg alloy is a new structural material that combines nano-scale grains with a size of up to 100 nm and sub-micron grains with a size of up to 300 nm. Inherently, this new material should have significantly improved strength, making it a potential candidate for special applications requiring increased specific strength. The present paper evaluates the properties of nano/sub-micron AZ31 Mg alloy in terms of mechanical properties and corrosion resistance. The obtained properties are explained and associated with the micro-structure of the alloy. In addition, the nano/sub-micron structural alloy was compared to conventional extruded alloy with the same composition in order to distinguish the main differences between the two alloys.