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As an icosahedral Mg3YZn6 quasicrystalline phase can be produced in Mg-Zn-Y system alloys when a proper amount of Zn and Y is contained, it is feasible to prepare the quasicrystal phase-reinforced low-density magnesium alloy. The purpose of this paper is to analyze phase constituents and the effect of reciprocating extrusion on microstructures and properties of the as-cast Mg-6.4Zn-1.1Y alloy. The microstructure of as-cast Mg-6.4Zn-1.1Y alloy consists of the α-Mg solid solution, icosahedral Mg3YZn6 quasicrystal, and Mg3Y2Zn3 and MgZn2 compounds. After the alloy is reciprocatingly extruded for 4 passes, grains were refined, Mg3Y2Zn3 and MgZn2 phase dissolved into the matrix, whereas Mg3YZn6 precipitated and distributed uniformly. The alloy possesses the best performance at this state, the tensile strength, yield strength, and elongation is 323.4MPa, 258.2MPa, and 19.7%, respectively. In comparison with that of the as-cast alloy, the tensile strength, yield strength, and elongation of the reciprocatingly extruded alloy increase by 258.3％, 397.5％, and 18 times, respectively. It is concluded that reciprocating extrusion can substantially improve the properties of as-cast Mg-6.4Zn-1.1Y alloy, particularly for elongation. The high performance of the Mg-6.4Zn-1.1Y alloy after reciprocating extrusion can be attributed to dispersion strengthening and grain-refined microstructures.