With the expectation of high stability in the laser–MIG hybrid welding for magnesium alloy, the real-time monitoring experiments of droplet transfer behavior during the hybrid laser welding process were conducted. A comparative analysis between the droplet transfer behaviors in laser–MIG hybrid welding and conventional MIG welding processes was performed, and the impact of wire feeding speed on droplet morphology and transfer frequency was investigated. The results indicate that the incorporation of a laser heat source significantly enhances the stability of droplet transfer during MIG welding. At the arc power of 2400 W approximately, the droplet transfer process in laser–MIG hybrid welding of magnesium alloy exhibits a globular transfer mode. The changes of wire feed speed have no notable effect on the type of droplet transfer. However, an increased wire feed speed contributes to compressing the arc and enhancing the stability of droplet transfer. Conversely, the excessive wire feeding speed may lead to an undesirable increase in droplet size and a reduction in droplet transfer frequency.