Magnesium has been recently recognized as a biodegradable metal for bone substitute applications. In order to improve the biocompatibility and osteointegration of pure Mg, two kinds of coatings, i.e., the Ca-P coating and bioglass ceramic cement (BGCC)/Ca-P coating, were prepared on the pure Mg ribbons in the present work. The Ca-P coating was obtained by aqueous solution method. Subsequently, Ca-P coated Mg was immersed into the BGCC slurry, which was prepared by the mix of SiO2-CaO-P2O5 bioglass ceramic (BGC) powders and phosphate liquid with a liquid-to-solid ratio (L/S) of 1.6, to obtain BGCC/Ca-P coating by a dipping-pulling method. The microstructures, morphologies, and compositions of these coatings have been characterized by X-ray diffraction (XRD) and scanning electron microscopy (SEM) with energy-dispersive spectroscopy (EDS). The effect of these coatings on the mineralization activity of pure Mg has been investigated. The results indicated that both the Ca-P coating and BGCC/Ca-P coating could promote the nucleation of osteoconductive minerals, i.e., bone-like apatite, and the hydroxyapatite (HA) layer formed on the surface of the BGCC/Ca-P coating is obviously more dense, thick, and stable than that formed on the Ca-P coating after immersion in SBF solution for 15 days. The potentiodynamic polarization test indicated that the corrosion current density of the BGCC/Ca-P coated Mg is obviously lower than that of the Ca-P coating and 10 times lower than that of uncoated Mg. These results demonstrated that the BGCC/Ca-P coating can increase significantly the corrosion resistance of Mg and introduce a high biocompatibility of the bone-Mg substrate interface. In summary, the newly developed BGCC/Ca-P coated Mg has a good potential for biomedical applications.