The invention discloses a production line for producing magnesium alloy plate and strip coils by continuous extrusion and coiling. The production line includes an extruder, a centering pinch roll arranged at the outlet of the extruder, a roll surface heating device of the centering pinch roll heating the roll surface of the centering pinch roll, a tension pinch roll arranged downstream of the centering pinch roll, a roll surface heating device of the tension pinch roll heating the roll surface of the tension pinch roll, a heat transfer roll arranged in order along the conveying direction of the production line, a temperature-controlled coiler including a coiling drum, a coiling drum surface heating device heating the surface of the coiling drum, an auxiliary coiling roll and a roll surfaceheating device of the auxiliary coiling roll, a first plate and strip heating device arranged upstream of the temperature-controlled coiler relative to the temperature-controlled coiler and heating magnesium alloy plates and strips which are about to enter the temperature-controlled coiler, and a control unit used for controlling heating temperature of the magnesium plates and contact rolls in the whole production line so as to ensure that the magnesium plates undergo predetermined bending deformation in an optimum plastic deformation temperature range.