Magnesium alloy is the promising candidate for biodegradable implants because of its low density, and corrosion products do not cause any toxicity to the human body. However, its poor formability in room temperature and poor corrosion resistance limit its applications. Therefore, efforts have been made to improve the formability and corrosion properties of Mg by adding lithium (Li) and calcium (Ca) as alloying elements. The Mg-4Li-xCa alloy’s microstructure, mechanical properties and corrosion behaviour with varying calcium content (0, 0.5 and 1.0) were systematically studied. The microstructure of the Mg-Li alloy shows α-Mg matrix whereas Mg-Li −0.5 Ca and Mg-4Li-1Ca exhibits eutectic phase (α-Mg + Mg2Ca) along with α-Mg. The Mg-4Li alloy displays good mechanical properties upon increasing Ca addition. The bio-corrosion behaviour of the Mg alloys are determined by electrochemical polarization test. The results show that the after Ca addition Mg-4Li alloys shows better corrosion resistance.