The present invention relates to a method of manufacturing a magnesium alloy sheet, and the magnesium alloy sheet manufactured by the same. More specifically, the present invention provides the method of manufacturing the magnesium alloy sheet, comprising: (step 1) a step of performing compression-induced deformation of the magnesium alloy sheet in a rolling plane direction, and a vertical direction to the rolling plane direction; (step 2) a step of performing heat treatment of the magnesium alloy sheet; (step 3) a step of performing tensile deformation of the magnesium alloy sheet of step 2 in a direction vertical to the rolling plane direction; and (step 4) a step of performing heat treatment of the magnesium alloy sheet of step 2 again. The method of manufacturing the magnesium alloy sheet in accordance with the present invention is able to improve formability at room temperature by changing a crystal texture into a non-basal plane by performing biaxial forming and heat treatment, and generating tensile twin by performing tensile deformation again; and is able to prevent a generation of a buckling phenomenon, having an advantage of being able to be applied to a thinner sheet.
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