The Al-Mg-B polycrystalline bodies were prepared using vacuum hot-pressing sinter method by pure Al, Mg and B powders. Process parameters and constitution variation were investigated to obtain compact Al-Mg-B sintered body with high mechanical properties. Al-13%Mg-72.7%B(weight ratio) sintered body prepared under 1600°C, 30MPa for 1 hour in vacuum was proved to be optimum, which bending strength was 156MPa and Vickers hardness was 2220. X-ray diffraction (XRD), Micron Probe Micro-analyzer (EPMA) were employed to analyse the ultimate phases. The results showed that the matrix phases were metal borides including AlB12, MgB6 and AlMgB14, while Al2O3 and MgAl2O4 phases existed which connected or filled in the matrix grains to promote the compactness degree, where oxygen introduced from impurities in raw materials. A portion of Mg in AlMgB14 combined with oxygen during heating to 1600°C which helped to form MgAl2O4 and AlB12 in the end.