This paper reports the production and characterizations of some Fe-xMg (x=3, 5, 7 wt.%) alloys. These Fe-Mg alloys were prepared using the mechanical alloying method followed by low-temperature sintering. The influence of the addition of various Mg contents on the microstructures, hardness, and degradation characteristics of these alloys were examined. The microstructure analyses demonstrated the homogeneous distribution of Fe and Mg in the alloys with a single-phase BCC structure. The inclusion of Mg was found to affect the alloys’ porosity, particle morphology, grain size, formation of corrosion products, and degradation behaviors. The corrosion products obtained from the alloys using the electrochemical and weight loss measurements indicated that their degradation rates (in the range of 3.13–4.7 mm/year) are in-between those of pure Fe and Mg. It was asserted that the Fe-Mg can be an appealing alternative for temporary medical implants. Furthermore, this study may establish an essential foundation for the degradation control of Fe-based implants by including more active elements.