Magnesium-based biodegradable implant materials for the osteosynthesis process (fixation or stabilizing of a fractured bone) are on the verge of being used clinically. However, the rapid degradation of magnesium-based materials in the physiological environment results in a loss of mechanical integrity before the complete healing of the fracture site. To address this issue, the present study used Silicon Nitride (Si3N4) nanoparticles to improve the in-vitro degradation resistance along with the mechanical strength and ductility of Magnesium. The Si3N4 nanoparticles were homogeneously reinforced in the pure Magnesium matrix through the ultrasonic-assisted stir casting method. Moreover, the effect of Si3N4 nanoparticles on microstructure, mechanical, in-vitro corrosion and bioactivity response of Mg/Si3N4 nanocomposites was studied. Notably, the inclusion of 1.0 vol% Si3N4 nanoparticles increased tensile strength by 1.4 times and ductility by two times. In addition, the elastic modulus of Mg/Si3N4 nanocomposites is within the range of local cortical bone elastic modulus. In-vitro immersion experiments in simulated physiological fluids revealed a 2.2-fold reduction in degradation rate compared to pure Magnesium. Moreover, the addition of Si3N4 nanoparticles enhanced the in-vitro bioactivity, as the surface of the nanocomposites showed a high needle-like Ca–P apatite layer with a 1.41 Ca/P ratio of the deposited layer close to hydroxyapatite's Ca/P ratio (1.64). Overall, this study provides the basis for the fabrication of stable yet completely biodegradable Mg/Si3N4 nanocomposite bone implants for the osteosynthesis process.