The production of Portland cement (PC) poses significant challenges to sustainable development within the cement industry, marked by extensive resource and energy consumption along with the release of substantial carbon dioxide (CO2) emissions. Magnesium-based cement (MBC) emerges as a viable alternative to PC, offering a potential solution to mitigate CO2 emissions in the cement industry. MBC is not only a carbon-negative product but is also reported to have a lower pH value and good mechanical properties. Reactive MBC has been the subject of extensive research over the past century due to its radionuclide retention and immobilization of metallic wastes. However, there is a notable absence of a comprehensive review specifically focusing on this type of cement in the existing literature. Hence, this review paper seeks to address a significant knowledge gap in the field by providing a detailed exploration of the current understanding of MBC. It explores the key variables associated with Mg binders, including type of precursors, admixtures, and water/binder ratio, as well as the mechanical properties such as compressive strength and drying shrinkage. Research on MBC as an alternative cement can help achieve sustainability goals by lowering the carbon footprint. Additionally, it can enhance the mechanical and microstructural properties of MBC, making it suitable for use in the cement industry.