In contrast to typical metals and alloys, magnesium (Mg) metal composites have a lower density, superior mechanical properties, high corrosion resistance, and variable thermal expansion coefficients. They are commonly used in the aerospace and transportation industries. Mg metal matrix composites are employed for enhanced mechanical and wear/abrasion characteristics. One approach to improve the tensile, chemical, and wear properties of various Mg-based composites is to incorporate reinforcements such as Silicon Carbide, Boron Carbide, Alumina, metallic glass, and others. When graphite is used, the tensile strength and hardness of the composite decrease, as does the wear rate. The performance of Mg composites is influenced by the reinforcement materials used and the consistency of the matrix material. This article focuses on the processing techniques, types of fillers, and tribomechanical properties of Mg metal matrix composites. The review highlights various research studies on the latest trends, emphasizing the combination of reinforcements with an Mg matrix. To lower production costs and improve the tensile properties of Mg hybrid composites, fillers such as rice husk, fly ash, and other waste materials can be employed.