High-strain conditions as a means of microstructure control have recently been investigated to improve the ductility and enhance the strength of magnesium alloys. The level of superplastic deformation and the fatigue properties of the wrought materials have also been studied. In comparison, only a small number of such reports are available on cast materials. As a part of the search for applications of magnesium alloys, comparisons of structural changes and mechanical properties should be made between wrought and cast materials. In the present study, the grain refinement of cast and extruded materials made from commercially available AZ31 magnesium alloy was conducted using a multi-axial alternative forging method. The relationships between the structural changes and working processes and the relationships between changes in the mechanical properties as well as grain sizes and fatigue properties are discussed. Both the cast and the extruded materials tended to exhibit uniform crystalline structures with an increasing number of working cycles. Dynamic recrystallization was observed during both working and static recrystallization during both reheating and holding. When an equivalent strain of 0.6 was applied, the localized formation of ultra-fine grains of 0.5 μm was observed. The tensile strength and yield stress had maximum values in the initial stage of the multi-axial alternative forging. Although ductility improved with higher numbers of working cycles, the strength decreased. This can be explained by the dynamic and static recrystallization processes and work softening.