Constructing surface coatings is an effective way to improve the corrosion resistance and biocompatibility of magnesium alloy bioabsorbable implants. In this present work, a titanium oxide coating with a thickness of about 400 nm was successfully prepared on a MgZn alloy surface via a facile magnetron sputtering route. The surface features were characterized using scanning electron microscopy (SEM), atomic force microscopy (AFM), X-ray diffraction (XRD), X-ray photoelectron spectroscopy (XPS), and the contact angle method. The corrosion behavior and biocompatibility were evaluated. The results indicated that the amorphous TiO2 coating with a flat and dense morphology was obtained by magnetron-sputtering a titanium oxide target. The corrosion current density decreased from 1050 (bare MgZn alloy) to 49 μA/cm2 (sample with TiO2 coating), suggesting a significant increase in corrosion resistance. In addition, the TiO2 coating showed good biocompatibilities, including significant reduced hemolysis and platelet adhesion, and increased endothelial cell viability and adhesion.