Portland cement is extensively used for the conditioning of radioactive waste. However, its high alkalinity is a serious obstacle to the stabilization of waste containing aluminum metal since aluminum is oxidized by the pore solution with the production of dihydrogen. This work investigates the potential of an alternative binder, magnesium potassium phosphate (MKP) cement, for the stabilization of Al–Mg alloys comprising 2 to 4.5 wt% of Mg and other metallic impurities. The objective is to assess the influence of the alloy composition on its reactivity in the cementitious matrix at earlier ages, as well as at later ages, when the cement has reached a significant reaction degree. Two complementary techniques are used. Gas chromatography shows that the dihydrogen release, resulting from the corrosion process, is not influenced by the magnesium content in the alloy. Electrochemical impedance spectroscopy provides qualitative information about the corrosion but also makes it possible to assess the corrosion current using an equivalent electrical circuit linked to the kinetic parameters of the postulated corrosion mechanism. Over a one-year period, the corrosion current of the alloys, regardless of their Mg content, is reduced by almost three orders of magnitude in MKP mortar as compared to Portland-cement-based mortar.