Magnesium is an excellent structural metal due to its light weight and high strength. But corrosion occurs rapidly in magnesium alloys than other metals. Corrosion affects the microstructure, mechanical properties and the physical appearance of the metal. Rusting and other types of deterioration drastically reduces the capacity equipment, resulting in loss of output as well as loss of equipment, or even life. Hence, many methods are used to combat the corrosion damage to critical structures and equipment. Development of Corrosion Inhibitors is gaining importance over the recent years to protect metals and alloys from corrosion. Synthetic corrosion inhibitors have good corrosion inhibition efficiency but pose a major health hazard and are highly toxic to aquatic life and the environment. The various available synthetic corrosion inhibitors and their deteriorating effects and hazards are discussed here.