The effects of (Zn + Mg) total content (9.6–11.7 wt.%) combined with multi-directional forging (MDF) on the microstructure and properties of high-strength Al–Zn–Mg–Cu alloys were systematically investigated. Our results demonstrate that the alloy obtains significant grain refinement, which is attributed to the dynamic recrystallization in the MDF process. Specifically, Al-8.6Zn-1.55Mg-1.9Cu-0.11Zr (Zn + Mg = 10.15 wt.%) obtains the maximum recrystallization ratio (51.8%) and the weakest texture strength, and also forms the mortise and tenon nested grain structure. Increasing the total (Zn + Mg) content can achieve significant performance enhancement, which is attributed to the refinement of the η′ phase; however, a higher total (Zn + Mg) content will lead to the continuous distribution of coarse η-MgZn₂ phases formed along the grain boundary, accompanied by the broadening of precipitate-free precipitation zones (PFZs). Compared with other alloys, Al-8.6Zn-1.55Mg-1.9Cu-0.11Zr (Zn + Mg = 10.15 wt.%) maintains high strength while ensuring desirable plasticity due to its mortise and tenon nested grain structure. In addition, its desirable grain boundary precipitation behavior makes it exhibit the best corrosion resistance. These findings indicate that maintaining the total (Zn + Mg) content around 10 wt.% achieves a balance between strength and corrosion resistance, offering a theoretical foundation for the design of high-strength and corrosion-resistant Al–Zn–Mg–Cu alloys.