The search for environmentally sustainable building materials is currently experiencing significant expansion. It is increasingly important to find new materials or reintroduce those that have been set aside to find a good replacement for Portland cement, which is widely used despite being environmentally insufficient and energy-intensive. Magnesium oxybromides, analogues to well-known magnesium oxychloride cements, fit both categories of new and reintroduced materials. In this contribution, two magnesium oxybromide phases were prepared and thoroughly analyzed. The stoichiometries of the prepared phases were 5Mg(OH)2∙MgBr2∙8H2O and 3Mg(OH)2∙MgBr2∙8H2O. The phase analysis was determined using X-ray diffraction. The morphology was analyzed with scanning and transmission electron microscopy. The chemical composition was studied using X-ray fluorescence and energy dispersive spectroscopy. Fourier transform infrared spectroscopy was also used. The thermal stability and the mechanism of the release of gasses linked to the heating process, such as water and hydrobromic acid evaporation, were analyzed using simultaneous thermal analysis combined with mass spectroscopy. The obtained results were compared with the data available for magnesium oxychlorides.