This investigation aims at synthesizing and characterizing a biocomposite of hydroxyapatite (HA) and titanium (Ti) as a functionally graded material (FGM) via an economical powder metallurgy route. Ti particles were produced through drilling and chipping, followed by compaction and sintering. Ti foams, so obtained, were then infused with varying volume fractions of HA. The pure Ti foam control sample and the FGM composite samples were then subjected to various characterizations to validate their biocompatibility, structural strength, and integrity. The interface development between the load-bearing Ti implant and living tissue was resolved through an FGM structure, where the base of the implant consisted of load-bearing Ti and the outer periphery changed to HA gradually. HA/Ti specimens of different volume fractions were tested for density measurements, microstructure, hardness, and bioactivity. The bioactive behavior was investigated using the potentiodynamic polarization technique to measure the corrosion rate of the pure Ti foam (0/100 HA/Ti) and the FGM composite (10/90 HA/Ti) samples in a simulated body fluid (SBF). The results showed that the hardness of FGM composites, despite being less than that of 0/100 HA/Ti, was still within safe limits. The corrosion rate, however, was found to be decreased by a significant value of almost 40% for the 10/90 HA/Ti FGM composite sample compared to the pure Ti foam control sample. It was concluded that the optimum composition 10/90 HA/Ti sample offers improved corrosion resistance while maintaining a sufficient allowable hardness level.