Biodegradable zinc (Zn) alloys are promising implant materials to restore bone defects in orthopedics. Adding silver (Ag) to Zn not only enhances its mechanical properties but also improves its antibacterial properties. However, the regular pattern of Ag composition on the properties of Zn-xAg alloys remains unclear. In this paper, Zn-Ag alloys with different Ag contents ranging from 0.5 to 6.0% were prepared by casting process and were systematically investigated both in vitro and in vivo. Mechanical tests suggest that the increase of Ag content enhanced the yield strength (YS), ultimate tensile strength (UTS), Vickers hardness, and elongation. Compared with pure Zn, the maximum YS, UTS, Vickers hardness, and elongation were achieved at Zn-6Ag, which were increased by 267%, 295%, 115%, and 172%, respectively. The degradation rate increased and the antibacterial properties were enhanced accordingly. All 25% and most 50% extracts of Zn-Ag alloys significantly promoted the proliferation of MC3T3-E1 cells, except for 50% Zn-6Ag extracts showing cytotoxicity. In the rat femoral condyle model, Zn-2Ag and Zn-4Ag alloys exhibited enhanced osteogenic performance at the early stage of implantation compared with pure Zn. Zn-Ag alloys (especially Zn-2Ag and Zn-4Ag) are identified as promising bone repair materials.