Mg-0.7 at%Zn-1.4 at%Y alloys annealed at low temperatures after quenching in water from 520°C were studied by high-resolution transmission electron microscopy (HRTEM) and high-angle annular detector dark-field scanning transmission electron microscopy (HAADF-STEM). Stacking faults, thin bands of a 14H-type long period stacking (LPS) phase and relatively thick bands of LPS were precipitated in α-Mg crystalline grains by annealing at 300°C, 400°C and 500°C, respectively. The precipitation of stacking faults, LPS phase and a supersaturated solid solution without any precipitates were reversibly transformed by annealing at low temperatures. It can be concluded that the stacking faults and LPS phase are stabilized by the segregation of Zn and Y from a supersaturated solid solution.