The invention discloses a dual-phase α+β magnesium-lithium alloy with excellent casting performance and heat transfer performance and a processing technology thereof. According to weight percentage, the composition of the alloy is: Li: 8.0‑10.0wt.%, Ge: 0.2‑0.8wt.%, Cd: 0.6‑0.8wt.%, Bi: 0.2‑0.5wt.%, Zr: 0.4‑ 0.8wt.%, Pd: 0.1‑0.2wt.%, Cu: 0.3‑0.5wt.%, Al: 1.8‑3.4wt.%, Fe: 0.2‑0.5wt.%, Mn: 0.1‑0.4wt.%, The balance is magnesium. The magnesium-lithium alloy for die-casting has high thermal conductivity that traditional magnesium-lithium alloys do not possess. This enables the alloy to have further specific applications in the occasions where the heat generation is large and the weight of the device is required, and it is convenient for large-scale industrial application.