In this paper, the microstructure and tensile behaviour of three rapidly solidified magnesium alloys is reported. The alloy’s composition, i.e, neodymium content, is observed to have an influence on tensile properties and fracture behaviour. The elastic modulus, yield strength and ultimate tensile strength of the alloy increase with an increase in neodymium content. The ductility of the alloys decreased marginally with an increase in neodymium content. The tensile fracture characteristics of the alloys is highlighted in the light of alloy composition and microstructural effects.