A selection of perspective magnesium alloys containing additions of Li, Y, Zn, and Ca was processed by extrusion and equal channel angular pressing (ECAP). The microstructural features of these alloys, observed by the electron backscattered diffraction (EBSD), were explained in terms of the effect of alloying elements and the different modes of deformation exerted on the material during the extrusion and ECAP processing. The effect of the obtained microstructural states on the mechanical performance of the materials was evaluated based on the uniaxial compressive tests and microhardness measurements.