We present a systematic study of the low temperature and hexagonal structure of magnesium borohydride, a crystalline material designed for hydrogen storage purpose. We investigated, using ab-initio calculations, the structural, electronic and optical properties. Our calculated results for structural parameters nicely agree to the experimental measurements. The predicted elastic constants and related mechanical properties demonstrate its profound mechanical stability as well. The analysis of electronic structure reveals an insulator nature with a direct band gap about 6.55 eV in the Inveted right perpendicular - Inveted right perpendicular direction. This distinguish feature of Mg(BH4)(2), like many other hydrides, depicts it as suitable substitute for large band gap material. The bonding behavior was also investigated in detail from the charge densities and effective charge populations. The hydrogen (H-2) storage capacity is found to be 14.94 wt.% within a reasonable reaction enthalpy of -44.35 kJ mol(-1). This might be easily affordable to consider Mg(BH4)(2) as potential material for practical H-2 storage devices. (C) 2015 Elsevier Ltd. All rights reserved.