It was reported that the cold and warm press formability of the magnesium alloy was improved by the application of a differential speed rolling (DSR). However, it can be considered that the microstructure and the texture of the DSR processed sheets greatly change with the rolling conditions. In this study, commercial AZ31B magnesium alloy extrusions were processed by DSR at a differential speed ratio of 1.167 and a reduction per pass of 10% or less, and the effects of the rolling temperature, the number of rolling passes and reversal of the rolling direction on texture and mechanical properties were examined. As a result, it was found that the optimal rolling temperature in terms of the workability and formability of the material was 573 K. And the elongation and formability were maximal in sheets processed by 4–6 passes of DSR. Moreover, reversing the shear direction made the microstructure more homogeneous and finer than unidirectional shear, and improved the mechanical properties and formability. This improvement was greater in samples where the shear direction was reversed once in the middle than where it was reversed for each pass.