The effects of trace Ca and Sr addition on dynamic precipitates, dynamic recrystallization (DRX) behavior, and texture evolution of Mg–5Zn alloy sheets fabricated by high strain rate rolling (HSRR) were investigated by electron backscattered diffraction (EBSD), transmission electron microscopy (TEM), small-angle X-ray scattering (SAXS), and X-ray diffraction (XRD). The Zn-rich precipitates formed with plate shapes, short-rod shapes, and near-spherical shapes, indicating that the most important function of adding Ca and Sr is to promote the precipitation process. The precipitate density increases, but the precipitate size and DRX volume fraction decrease with the addition of the alloying elements. It is concluded that the effects of combined Ca/Sr addition on promoting precipitation and refining precipitate size are more effective than that of single Ca addition, and the reduction in DRX volume fraction can be attributed to the inhibition of fine precipitation on the nucleation and growth of DRX. Moreover, the macro-texture intensity is mainly related to DRX as the DRX grains are much more randomly oriented than deformed grains. In addition, the texture intensity in DRX regions is primarily associated with the precipitates, which can inhibit DRX grain rotation due to their pinning effect on the grain boundaries.