Oil and gas resources have become strategic assets, highlighting the need to improve production efficiency. Segmented fracturing technology effectively addresses the challenge of low fracturing efficiency and is widely used in oil and gas extraction. Therefore, the demand for degradable fracturing materials has increased rapidly to enhance oil and gas production efficiency. Rapidly degradable fracturing materials must achieve high degradation rates, while maintaining strong mechanical properties to ensure effective petroleum fracturing operations. Building on previous research on as-cast Mg-8Li-4Gd-1.5Ni alloys that are known for their high corrosion rates, this study performed hot rolling at 250 ^oC, with deformations of 30%, 50%, 70%, and 90%. Further, SEM, TEM, tensile mechanical performance testing, electrochemical testing, and hydrogen evolution measurements were used to examine the microstructure, mechanical properties, and corrosion behavior of the alloys. Results indicated that the microstructure underwent continuous elongation during rolling, and the networked long-period stacking ordered (LPSO) phases gradually transformed into parallel fibrous structures. At a deformation of 90%, the elongated fibrous LPSO phases were fractured into shorter segments, accompanied by an increase in the size and number of gaps between the LPSO phases. Recrystallized structures developed during hot rolling, accompanied by the refinement of GdNi₃ particles and an increase in the dislocation density. As the deformation increased, the tensile strength of the alloy initially increased and then decreased. The alloy exhibited the highest tensile strength of 217 MPa and an elongation of 17% at a deformation of 70%. In a 3%KCl solution, the mass loss rate, hydrogen evolution volume, and hydrogen evolution rate of the alloy increased steadily, as the deformation increased. At a deformation of 90%, the alloy exhibited the highest corrosion rates at 25 and 93 ^oC, with mass loss rates of 0.47 and 3.63 mg/(cm²·min), respectively. Compared with the as-cast alloy, the weight loss rate of the hot-rolled alloy at 25 ^oC increased by 30.55%, whereas at 93 ^oC, it was 7.72 times greater than at 25 ^oC. The corrosion current density reached a maximum of 5.34 mA/cm² at 25 ^oC. The corrosion began with pitting and gradually transitioned to filiform corrosion. The corrosion extended along the rolling direction at higher deformations. The parallel distribution of LPSO phases inhibited alloy corrosion. However, at a deformation of 90%, the fracture of the LPSO phases increased the number of galvanic corrosion sites. This fracture and the larger gaps between the LPSO phases reduced the protective effect. In addition, the bending of the LPSO phases, fragmentation of the secondary phases, recrystallization, and increased dislocation density enhanced the chemical reactivity of the alloy, resulting in a gradual increase in the corrosion rate. Hot rolling increased the dislocation density, reduced the grain size, and induced recrystallization in the alloy. These microstructural modifications resulted in work hardening and grain refinement, thereby improving the mechanical properties of the alloy.