GW63K (Mg-6Gd-3Y-0.5Zr) magnesium alloys were prepared successfully by high-vacuum die-casting. Effects of fast shot speed and vacuum level on the grain size and mechanical properties of this alloy were studied. Microstructure of the alloys was analyzed by SEM, EDX and optical microscope (OM). The effect of heat treatment on high vacuum die-casting (HVDC) GW63K alloy was also studied. The results indicate that with the increase of fast velocity, the tensile yield strength hardly changes, but the elongation first increases, then decreases. The optimum heat treatment process is solution treatment at 748 K for 2 h and aging at 473 K for 80 h. Under this condition, GW63K magnesium alloy exhibits a maximum tensile strength and elongation of 308 MPa and 9.45%. There is significant correlation between ductility and the presence of external solidified cells (ESCs). The as-cast GW63K alloy consists ofα-Mg and Mg24(Gd,Y)5 particles. After heat treatment, Gd and Y atoms dissolve intoα-Mg matrix.