Step 1: Understanding the combustion of magnesium.
When magnesium ribbon is burned in air, it reacts with oxygen to form magnesium oxide (\text{MgO}). This reaction produces an intense dazzling white flame.
\[
2Mg + O_2 \rightarrow 2MgO
\]
Step 2: Explanation of incorrect options.
- Yellow, Blue, and Red flames are characteristic of different substances, but not magnesium.