The microstructure and corrosion anisotropy of the Mg-5Li extruded sheet were investigated in this work. Three distinct samples cut from the normal plane (A), longitudinal plane (B), and cross-sectional plane (C) of the as-extruded sheet were prepared. The microstructure was analyzed using optical microscopy (OM), scanning electron microscopy (SEM), and X-ray diffraction (XRD). The corrosion resistance and behaviors of the three samples in a 0.1 mol/L NaCl solution were evaluated by employing hydrogen evolution, mass loss testing, electrochemical assessments, and corrosion morphology analyses. The results revealed that sample A displayed a distinctive bimodal (0002) basal texture, along with clearly distinguishably larger grain sizes than the other samples. The effect of grain size and crystallographic orientation on the corrosion resistance was highlighted, indicating the pioneering corrosion resistance of sample A and the lowest corrosion resistance of sample C. Furthermore, all three samples exhibited the characteristic filiform corrosion during the initial stages of corrosion, progressing into the formation of corrosion pits, with sample C displaying pronounced susceptibility.