Magnesium hydride is a compound of magnesium and hydrogen, hydrides are usually reducing agents of at least some strength, and in the case of group I and II hydrides, they react with water to release hydrogen.
The group I and II hydrides are also quite vicious reducing agents, also forming interstitial hydrides with transition metals, such as LiAlH4 and NaBH4, and in the case of sodium borohydride, it also forms a cyano- compound sodium cyanoborohydride which I think, is a more selective reducing agent.
LiAlH4 for example, is pretty much the bigger meaner brother of pretty much any other reducing agent, reacts violently with water, so much so that it is even pyrophoric in the air, and has to be used in anhydrous ether solvents such as ether or THF.
The ordinary hydrides are somewhat less fearsome though, and make for powerful reducing agents.