In this review are highlighted the corrosion and biocompatibility of biodegradable Mg alloys for their use in orthopedic applications. It was revealed that mixing with alloying elements, such as Mn and Zn, provides improved corrosion resistance to Mg alloys; this pursuit is built on the fact that Mg and its alloys are degradable through their time in the human body. Furthermore, Mg alloys afford a characteristic profile that is very close or even almost identical to that of human bone. Minimizing the rate of corrosion of Mg is the most adequate method, because a low corrosion rate of an Mg implant involves a decrease in the extent of hydrogen evolution and alkalization, which allow the human body to gradually absorb or consume the corrosion products.