Cast Magnesium (Mg) alloys are widely used in automotive and aerospace industries due to their higher specific strength and damping characteristics. The limited application of wrought Mg alloys is due to the anomalies in deformation behaviour which results in the problem of Tension-Compression yield asymmetry. This has serious implications in loading operations that involve completely reversed direction loading of these materials like sheet metal bending, cyclic loading conditions, etc. Microstructural modifications in grain size and precipitation hardening are known to improve mechanical properties of these alloys. Severe plastic deformation (SPD) routes are often used for refining microstructure in Magnesium alloys. However, most of the existing SPD processed Magnesium alloys often develop various components of texture. As Mg has anisotropic Hexagonal Closed pack structure, overall crystallographic texture dictates the governing deformation mechanisms under any loading conditions. The current work is aimed to establish precisely the correlation between microstructural features like grain size, second phase particles and crystallographic textures on yield asymmetry in Rare Earth containing Magnesium alloys. Thermomechanical based SPD routes were used to develop the variety of microstructures as mentioned above. The processed materials were subjected to a detailed microstructural characterization and texture analysis at various stages of uniaxial deformation modes – both in tensile and compressive loading. The scientific knowledge base and governing mechanisms for correlation of microstructural variations with tension – compression asymmetry of above-mentioned Mg alloys was established.