We are studying on a press forming of a 0.3-mm-thick foil in order to make advanced thin-foil substrates with a twostage reflector for large X-ray telescopes. Aluminum alloy has been used as a material for thin-foil substrates. We propose a use of Mg foil as lightweight substrates, since more lightweight material is necessary for building the large telescopes. Furthermore, we are making a two-stage reflector with a stage 200 mm long, since a long substrate has an advantage for fabrication of large X-ray telescopes. After various experiments, we formed a Mg foil with a figure error of +/-20 µm. This large figure error can be removed by a replication method. We also made an evaluation system of an image quality by using a Newtonian telescope. The evaluation system can generate a collimated optical light with a diameter of 450 mm and with a parallelism of about 4". Using this system, we found that an image quality of our Mg foil was similar to that of the ASCA foils.