This study aimed to obtain biocompatible ceramic materials in a Ti–C–Co–Ca3(PO4)2–Ag–Mg system by the combustion mode of mechanically activated (MA) reaction mixtures. The influence of the MA time on the reaction ability capability of the mixtures, on their structural and chemical homogeneity, on the combustion parameters and structural-phase conversions in the combustion wave, as well as on the structure and phase composition of the electrode materials has been researched. It was found that the intense treatment of powder mixtures causes plastic deformation of components, the formation of lamellar composite granules, a reduction in the sizes of coherent scattering regions, and also the formation of minor amounts of products. The influence of the activation duration of the ignition temperature and heat release during the combustion of the reaction mixtures was studied. By the method of quenching the combustion front, it was demonstrated that in a combustion wave, chemical transformations occur within the lamellar structures formed during the process of mechanoactivation. It was shown that in the combustion wave, parallel chemical reactions of Ti with C as well as Ti with Co and Ca3(PO4)2 occur, with a Ti–Co-based melt forming the reaction surface. Ceramic electrodes with different contents of Ag and Mg were synthesized by force self-propagating high-temperature synthesis (SHS)-pressing technology using the MA mixtures. The microstructure of the materials consisted of round-shaped grains of nonstoichiometric titanium carbide TiCx grains, intermetallic matrix (TiCo, TiCo2, CoTiP), inclusions of Ca and Mg oxides, and grains of the Ag-based solid solution. An increased content of Ag and Mg in the composition of the electrodes, as well as an increased MA duration, leads to an enlargement of the inclusions of the Ag-containing phase size and deterioration in the uniformity of their distribution.