Degradable zinc (Zn) based metals exhibit great promise as potential load-bearing bone-implant materials due to their suitable biodegradability, good fabricate-friendliness, biocompatibility, and favorable osteogenesis-promoting capacity. Nevertheless, most as-cast Zn-based metals display poor mechanical properties due to their coarse grain size and few slip systems, which is challenging to meet bone-implant application requirements. Herein, the alloying using rare earth (RE) elements of neodymium (Nd), yttrium (Y), and holmium (Ho) combined with hot-rolling was used to prepare the hot-rolled (HR) Zn-5RE binary alloys for load-bearing bone fixation or bone repair applications. HR Zn–5Y sample demonstrated the best mechanical properties matching with an ultimate tensile strength of ∼260 MPa, yield strength of ∼200 MPa, elongation of ∼43.5%, strength-elongation product of ∼11.3 GPa%, and macro-hardness of ∼104.7 HB among the HR samples, close to the requirements of mechanical properties for degradable bone-implant materials. HR Zn–5Y sample exhibited the lowest corrosion rate of ∼178 μm/y measured by electrochemical polarization testing, the degradation rate of ∼29 μm/y measured by static immersion testing, and high tribological properties in Hanks’ solution. The diluted Zn–5Y extract showed an appropriate cytocompatibility to 3T3 and MG-63 cells and moderate osteogenic differentiation ability to 3T3 cells among HR Zn-5RE and pure Zn extracts. Meanwhile, the HR Zn–5Y sample showed a suitable and effective antibacterial capacity against S. aureus and E. coli. Overall, the HR Zn–5Y sample is a promising moderate load-bearing bone-implant material for bone pins, plates, and guiding bone regeneration membrane application.