A hot-rolled galvanized high-strength low-alloy steel for automobile chassis was developed. The mechanical properties, hole expansion ratio (HER), corrosion resistance and stone impact resistance of zinc-aluminium-magnesium (ZMA) coated steel were investigated. The results show that the substrate microstructure of ZMA coated steel mainly consisted of irregular ferrite and a small amount of pearlite. The section microstructure of ZMA coating contained Zn-riched phase, Al-riched phase, binary eutectic phase and ternary eutectic phase. The ZMA coated steel possessed excellent mechanical properties, local formability and corrosion resistance. From the perspective of expansion width, the corrosion resistance of ZMA coating under cyclic corrosion conditions was about 3 times that of pure zinc (GI) coating, and 8 times that of uncoated (UC) steel. The stone impact resistance levels of UC steel, GI coated steel and ZMA coated steel were 4.5, 4 and 2, respectively, under the ISO 20567-1:2017 standard, which indicates that ZMA coating had better stone impact resistance performance. The hot-rolled ZMA coated steel has enormous application potential in automobile chassis in terms of anti-corrosion, energy conservation, emission reduction and cost reduction.