Zinc (Zn)-based composites are promising biodegradable bone-implant materials because of their good biocompatibility, processability, and biodegradability. Nevertheless, the low interfacial bonding strength, coordinated deformation capacity, and mechanical strength of current Zn-based composites hinder their clinical application. In this study, we developed a biodegradable in situ 4Mg2Ge/Zn-0.3Cu-0.05P composite (denoted ZMGCP) via phosphorus (P) modification and hot-rolling for bone-implant applications. The mechanical properties, corrosion behavior, biotribological performance, in vitro cytocompatibility and osteogenic differentiation, and in vivo osteogenesis and osteointegration of the as-cast (AC) and hot-rolled (HR) ZMGCP samples were systematically evaluated and compared to those of 4Mg2Ge/Zn-0.3Cu (denoted ZMGC). The primary and eutectic reinforcement Mg2Ge phases formed during solidification were refined after P modification and hot-rolling. The HR ZMGCP exhibited the best tensile properties among all the samples with an ultimate tensile strength of 288.9 MPa, a yield strength of 194.5 MPa, and an elongation of 17.7 %. The HR ZMGCP showed the lowest corrosion rate of 336 μm/a, 186 μm/a, and 61.7 μm/a as measured by potentiodynamic polarization, electrochemical impedance spectroscopy, and immersion testing, respectively, among all the samples in Hanks’ solution. The HR ZMGCP also showed higher biotribological resistance than its ZMGC counterpart. The HR ZMGCP exhibited the highest in vitro cytocompatibility, the best osteogenesis capability and angiogenesis property among the HR samples of pure Zn, ZMGC, and ZMGCP. Furthermore, the HR ZMGCP displayed complete in vivo biocompatibility, osteogenesis, osteointegration capability, and an appropriate degradation rate, showing significant potential for a biodegradable bone-implant material.