Magnesium-based alloys hold potential for medical applications, but face challenges like rapid bioresorption and limited mechanical strength during early bone healing. In our study, we present a novel Mg–Zn–Zr–Ce alloy with low cerium content (up to 0.1 wt.% Ce) processed using two severe plastic deformation (SPD) techniques. Through an innovative combination of multiaxial forging and multipass rolling, we have achieved a fine-grained structure with an average grain size of the primary α-Mg phase of 1.0 μm. This refined microstructure exhibits improved mechanical properties, including a substantial increase in yield strength (σYS) from 130 to 240 MPa, while preserving ductility. The alloy’s composition includes α-Mg grains, cerium and zinc hydrides, and intermetallic phases with cerium and zinc elements. Tensile testing of the fine-grained alloy demonstrates an enhancement in yield strength (σYS) to 250 MPa, marking a 2.8-fold improvement over the conventional state (σYS = 90 MPa), with a modest 2-fold reduction in ductility. Crucially, electrochemical tests conducted in physiological solutions highlight substantial advancements in corrosion resistance. The corrosion current was reduced from 14 to 2 μA/cm2, while polarization resistance decreased from 3.1 to 8.1 kΩ∙cm2, underlining the alloy’s enhanced resistance to biodegradation. Our results show that the novel Mg–Zn–Zr–Ce alloy, after combined SPD, demonstrates mitigated bioresorption and enhanced mechanical properties. Our findings highlight the fact that the introduction of this innovative alloy and the application of SPD represent significant steps towards addressing the limitations of magnesium-based alloys for medical implants, offering potential improvements in safety and effectiveness.