As an important parameter, the Schmid factor has been widely applied to analyze the deformation modes in metals. In order to analyze the deformation mechanisms of magnesium alloys under high strain rate, the Schmid factors of four slip modes (basal, prismatic, pyramidal <a> and pyramidal <c+a> slips) and two twinning systems ({10\stackrel{\text{?}}{1}2} tension and {10\stackrel{\text{?}}{1}1} contraction twinnings) were systematically calculated in this work. The experimental values of Schmid factor of as-received AZ31 rolling magnesium alloy sheets were obtained by electron backscatter diffraction (EBSD) technique, and then the theoretical calculated values were compared with those values. The high strain rate compression test of AZ31 rolling magnesium sheets was conducted by using split Hopkinson pressure bar at the strain rate of 1600 s^-1, and the microstructures after compression were observed by optical microscopy. The Schmid factors and microstructures are combined to discuss the predominant deformation mechanisms for different orientation samples under different loading directions. The results showed that the theoretical calculated values of Schmid factors are in good agreement with their experimental values. Therefore, the Schmid factor, owing to its simplicity and conveniene, could be used to analyze the predominant deformation mechanism and interpret the unique characteristics of "true stress-true strain" curves in magnesium alloys. Furthermore, since the Schmid factor and its variation trend associated with deformation behavior in magnesium alloys are related, the calculation result of Schmid factor can provide a theoretical analytic approach to understand anisotropic phenomena caused by strong texture in magnesium alloys.