The design of color-tuned magnesium alloy with anticorrosive properties and damping capacity was created by means of a simple and inexpensive method. The vertically self-aligned nano- and microsheets were formed on magnesium alloy AZ31 by a chemical-free immersion process in ultrapure water at a temperature of 120 °C, resulting in the color expression. The color changed from silver with metallic luster to some specific colors such as orange, green, and orchid, depending on the immersion time. The color-tuned magnesium alloy showed anticorrosive performance and damping capacity. In addition, the colored surface with minute surface textures was modified with n-octadecyltrimethoxysilane (ODS), leading to the formation of color-tuned superhydrophobic surfaces. The corrosion resistance of the color-tuned superhydrophobic magnesium alloy was also investigated using electrochemical potentiodynamic measurements. Moreover, the color-tuned superhydrophobic magnesium alloy showed high hydrophobicity not just for pure water but also for corrosive liquids, such as acidic, basic, and some aqueous salt solutions. In addition, the American Society for Testing and Materials (ASTM) standard D 3359-02 cross cut tape test was performed to investigate the adhesion of the color-tuned superhydrophobic film to the magnesium alloy surface.