Mg-based materials have been widely researched for hydrogen storage development due to the low price of Mg, abundant resources of Mg element in the earth's crust and the high hydrogen capacity (ca. 7.7 mass% for MgH). However, the challenges of poor kinetics, unsuitable thermodynamic properties, large volume change during hydrogen sorption cycles have greatly hindered the practical applications. Here in this review, our recent achievements of a new research direction on Mg-based metastable nano alloys with a Body-Centered Cubic (BCC) lattice structure are summarized. Different with other metals/alloys/complex hydrides etc. which involve significant lattice structure and volume change from hydrogen introduction and release, one unique nature of this kind of metastable nano alloys is that the lattice structure does not change obviously with hydrogen absorption and desorption, which brings interesting phenomenon in microstructure properties and hydrogen storage performances (outstanding kinetics at low temperature and super high hydrogen capacity potential). The synthesis results, morphology and microstructure characterization, formation evolution mechanisms, hydrogen storage performances and geometrical effect of these metastable nano alloys are discussed. The nanostructure, fresh surface from ball milling process and fast hydrogen diffusion rate in BCC lattice structure, as well as the unique nature of maintaining original BCC metal lattice during hydrogenation result in outstanding hydrogen storage performances for Mg-based metastable nano alloys. This work may open a new sight to develop new generation hydrogen storage materials.