In this work, the approach to improve the mechanical properties of a biodegradable Mg-Nd-Zr alloy through modification with noble metals (Ag and Au) was proposed. The separate and combined influence of silver and gold on the macro- and microstructure of the alloy was studied. A qualitative and quantitative assessment of the structural components of the alloy was carried out. It was shown that when modifying the melt, noble metals form the complex intermetallic phases which served as additional crystallization centers. It has been established that adding 0.05 to 0.1 wt.% of noble metals to Mg-based alloy increase the volume fraction of intermetallic compounds by ~1.5 times, shifting them towards smaller size groups with the simultaneous formation of spherical intermetallic compounds. The latter are located in the center of the grain proving them to be the additional nucleation sites. It was shown that complex modification (0.1% Ag + 0.1% Au) of a Mg-based alloy refined its structural components by ~1.5 times, increasing the strength by ~20%, and ductility by ~2 times due to the formation of the intermetallic compounds. The proposed technology for modifying cast biodegradable Mg-based alloys is feasible to be used for the manufacture of implants for osteosynthesis.