In this essay, by summarizing the research progress and achievements of various scholars at home and abroad in recent years on the material properties and corrosion resistance of magnesium phosphate cement (MPC), we review the factors influencing on the properties of MPC, and analyze the effects of raw materials, retarders, and admixtures on the properties of MPC. Two different hydration mechanisms of MPC are discussed, and finally the research progress of MPC in the field of anti-corrosion coatings for steel and ordinary concrete (OPC) is highlighted, and suggestions and prospects are given.