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The limiting factor towards the utilization of Mg and its alloys especially in aqueous environment is their low corrosion resistance occasioned by their high chemical reactivity and high electron negative potential. The corrosion inhibitor technology is one of the effective corrosion mitigation approaches. In this review, inorganic, organic (surfactants, ionic liquids, and Schiff bases), and polymeric substances reported as corrosion inhibitors for Mg and its alloys are discussed. Smart coatings containing corrosion inhibitors for Mg and its alloys are also highlighted. The drawbacks on current researches involving corrosion inhibitors for Mg and its alloys have been identified and the path to chart in future researches in this area recommended.