This review addresses the problems associated with various types of implants, providing a brief background on their challenges and surgical implications. Preclinical and clinical studies are discussed to understand the causes of implant failures. The review specifically examines the potential of magnesium-based alloys in biomedical applications, focus on existing research to offer a comprehensive overview of their advantages and disadvantages in biodegradable implants. It explores how alloying elements can enhance mechanical properties and corrosion behavior in Mg alloys. This review indicates how specific percentages of different alloying elements, combined with suitable manufacturing and post-processing techniques, can yield optimized results. Additionally, the review assesses the impact of magnesium alloy degradation on the healing process and suggests strategies to mitigate adverse effects. By thoroughly analyzing the literature, this paper offers valuable insights into fabricating magnesium-based implants to achieve ideal mechanical and corrosion properties, enhancing their effectiveness in biomedical applications.