No, all travelers including US permanent residents will require a passport to enter and exit Mexico. This in addition to the Mexico Tourist Card.
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You can travel without a green card because you are already a lawful permanent resident. Upon arrival at the port of entry, U.S. Customs and Border Protection (CBP) officers will stamp your passport with an I-551 stamp. The I-551 stamp is also called the Temporary Proof of Legal Residence stamp.
A valid passport book is required to enter Mexico by air, and those attempting to enter at an airport with a U.S. passport card only may be denied admission.
Update: All airports have been removed from the FMM requirements. The Tourist Card (FMM) is no longer needed for visitors arriving by Air. For years, all tourists arriving in Mexico have been required to fill out their FMM form to get a tourist card.
The tourist card required by visitors from the US is called the Forma Migratoria Múltiple (FMM). The FMM is not a visa. It's an entry requirement for all foreign visitors, including Americans. It's mandatory if you plan to travel more than 20 kilometers into Mexican territory and stay more than 72 hours.
Holders of any type of valid and multiple entry U.S.A., Canada, Japan, United Kingdom, Schengen visas (any nationality) or permanent residence of U.S.A., Canada, Japan, United Kingdom, Schengen, Pacific Alliance (Colombia, Peru, Chile) DO NOT require a Mexican visa to travel on business, tourism, or transit purpose for ...
In addition, foreign visitors who, regardless of their nationality, have a valid permanent resident card from Canada, Chile, Colombia, Japan, Peru, the United States of America, the United Kingdom or any of the countries comprising the Schengen Area, do not require a Mexican visa.
The stamped FMM is valid for land travel throughout Mexico. Cost: $687.00 Pesos (appx U.S. $38) per person; FREE if the trip is 7 days or less and you cross by land. May be issued for up to 180 days.
Tourist AssistanceAll citizens of the United States must present a valid passport when entering Mexican territory by any means of transportation. There are no exceptions for minors. Stays less than 72 hours within the border area, do not require an Official Entry Immigration Form (FMM).
What Is the Mexico Tourist Card or FMM? The Forma Migratoria Multiple or Mexico tourist card is a legal requirement for visitors entering the country by land or sea.