Preparation of the bioactive MgO-CaO-SiO2-P2O5-CaF2 glass was carried out utilizing tap casting and powder metallurgy methods. The original composition was modified with 0.2% Y2O3 and carbon additions. The mother and the modified bioglass were examined, and comparative studies were performed between the mother and modified type to study the compositional modification effects on physical, mechanical and biological properties. The histology of mother type showed that this type has a good biocompatibility with no rejection or inflammation reaction with the host bone, and new bone generation and formation were shown in the region of implant. The modification with 0.2% Y2O3 achieved a good improvement in the mechanical properties when compared with the mother system. The histology of this type showed a normal acceptance with no inflammation reactions. On the other hand, the modification with carbon achieved a superior improvement in the mechanical properties compared to the mother bioglass and showed a good acceptance with no inflammation reactions with the host body as well.