Mg94‐xZn2Y4Lix alloys (at%) (x = 0, 1, 5, 9, 13) are designed to develop a novel, biodegradable magnesium alloy. Microstructures evolution and mechanical properties are evaluated by using OM, XRD, SEM, and tensile tests. The biocorrosion behaviors of the alloys are investigated by using hydrogen evolution and electrochemical measurements. The precipitation of 18R LPSO phase is facilitated by a little Li (<1 at%), while exceeded Li (>1 at%) inhibits the formation of 18R LPSO phase and favors the formation of (Mg,Zn)24Y5 eutectic phase. The grain size of α‐Mg phase is refined with 5 at% Li. Besides the optimal combined mechanical properties (UTS = 190 MPa, elongation = 3.1%), the as‐cast Mg89Zn2Y4Li5 alloy has the lowest corrosion rate and the highest biocorrosion resistance, which are desirable for use as a biomaterial.
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