Hydrogen has been regarded as a promising alternative to traditional fossil fuels, presenting itself as a viable and environmentally friendly energy choice. The design and fabrication of highly efficient hydrogen storage materials is crucial to the wide utilization of hydrogen-based technologies. Magnesium-based nanocrystalline materials have received significant interest in the field of hydrogen storage due to their remarkable hydrogen storage capabilities and release efficiency. This review emphasizes on the most useful techniques including vapor deposition, sol-gel synthesis, electrochemical deposition, magnetron sputtering, and template-assisted approaches used for the fabrication of Magnesium-based nanocrystalline hydrogen storage materials (Mg-NHSMs), stressing their advantages, limitations, and recent advancements. These cutting-edge techniques demonstrate their significance in offering useful insights into the performance of Mg-NHSMs. Further, this review describes various applications of Mg-NHSMs. In addition, this review highlights the conclusion and future perspectives on the improvement of magnesium based nanocrystalline materials for efficient hydrogen storage.