In present study, it aims to compare the noise and vibration characteristics between magnesium alloy and steel hood panel. The AZ31 magnesium hood panel was fabricated through warm forming process, and the noise and vibration characteristics between both hood panels was compared through the measurement of engine radiation noise and transmission loss, as well as FRF on modal analysis. The sound insulation performance of magnesium alloy was wholly superior to that of steel hood panel, even though the transmission loss of magnesium alloy is lower than that of steel due to mass effect primarily. The FRF characteristics on modal analysis indicates that the resonance frequency of magnesium hood panel is remarkably increased to higher value than that of steel hood panel. The radiation and interior noise of magnesium panel even without acoustic hood insulation were remarkably lower than those of steel hood panel with acoustic insulation, in particular, at a range below 4,000 rpm.