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Within the framework of this article, the influence of the cooling rate on the magnetic phase formation was firstly investigated. Secondly, various parameters were examined which exert an influence on the magnetic properties, the corrosion behaviour and the mechanical properties of the developed magnesium alloys. Investigations into the influence of the alloy's composition on the magnetic properties have shown that increasing the SmCo content enhances the magnetic field strength subsequent to magnetisation. Nevertheless, this enhancement does not increase proportional to the alloy's content. The largest increase takes place at a SmCo weight content of 20%. Investigations into the influence of the cooling rate have shown that by increasing the rate a better casting quality is obtained as well as an increase of the magnetic phase's homogeneity, which can be attributed to a grain refinement. Furthermore, the corrosion resistance of magnetic magnesium alloys with SmCo was investigated in coolant KSM 560. According to a test period of 504 hours, it appears that magnetic magnesium alloys with up to 20 wt. % SmCo have the same corrosion resistance as pure magnesium. At a higher SmCo weight content, the corrosion resistance drops significantly. The hardness investigations of magnetic magnesium alloys with SmCo have shown that these alloys exhibit good properties, which are comparable with those of formed AZ31 alloys. The hardness values increase together with the SmCo weight content. Subsequent heat-treatment again decreases the alloy's hardness. Heat-treatment thus has a decisive influence on hardness values.