The purpose of this study was to investigate the springback behavior of magnesium alloy (AZ31B) at high temperature with respect to the holding time in the die-set. The changes of microstructure in the springback during V-Bending were analyzed. The springback of the magnesium alloy sheet showed a tendency to decrease as the forming temperature and the retention time in the die increase. In the microstructure analysis, there was minimal change in the microstructure at room temperature, while at high temperature the microstructure changed markedly. The increasing material holding time in die has been shown to reduce springback from internal energy reduction because of recrystallization and grain growth at high temperature.