A reducing agent is basically a substance which can be oxidized by losing some of its electrons.
It acts as the electron donor.
Here, the oxidation state also increases.
In this redox reaction:- , Magnesium metal is being oxidized to magnesium cations.
Whereas Hydrogen is being reduced to then to Hydrogen gas .
Magnesium goes from an oxidation state of 0 which is on the reactant's side to an oxidation state of +2 on the product's side, which shows it is being oxidized.
Hydrogen goes from the oxidation state of +1 on the reactant's side to an oxidation state of 0 on the product's side, showing that it is being reduced.
So, Magnesium is acting as a reducing agent as it reduces Hydrogen to Hydrogen gas while being itself oxidized in the process.
Therefore, In the reaction, Magnesium plays the role of the Reducing agent.