Magnesium (Mg), with properties such as biodegradability and having a density and elasticity coefficient close to the bones of the body, has attracted a lot of attention as a serious option for orthopedic applications. However, the low compressive strength of Mg compared to the human bone and its weak antibacterial function limit its applications as a substitute for temporary implants to be used under load-bearing conditions. The aim of this paper is to evaluate the synergistic effect of CNTs + AgNPs nanofillers on the in vitro degradation, mechanical and antibacterial behavior of new ZK60/xCNTs + xAgNPs(x: 0, 0.25, 0.5, 1) composites made using semi powder metallurgy, followed by hot extrusion method. The ZK60/0.5CNTs+0.5 AgNPs (CA2) composite boasts a higher ultimate compressive strength (UCS) of 371 ± 15 MPa compared to 297 ± 6 MPa for ZK60 based alloys. The CA2 composite also exhibits a grain size of 9.8 μm and a microhardness of 81 HV.Also, the antibacterial activity assessment demonstrated that adding CNTs + AgNPs hybrid nanofillers to the Mg matrix could notably prevent growing and penetration of Escherichia coli (E. coli) and Staphylococcus aureus (S. aureus), which indicates the synergy between antibacterial mechanisms of CNTs and AgNPs. Cytotoxicity studies confirm that composites with low amounts of CNTs + AgNPs did not show cytotoxic behavior against MG63 cells, although higher loading of CNTs + AgNPs caused toxicity. Also, the examination of osteogenic activity is consistent with other results. In general, according to the results, the potential application of CA2 composite for under load bearing implant application and bone infection treatment is proved.