Magnesium alloys attracted great attention as a new kind of degradable biomaterials. One research direction of biomedical magnesium alloys is based on the industrial magnesium alloys system, and another is the self-designed biomedical magnesium alloys from the viewpoint of biomaterials. The mechanical, biocorrosion properties and biocompatibilities of currently reported Mg alloys were summarized in the present paper, with the mechanical properties of bone tissue, the healing period postsurgery, the pathophysiology and toxicology of the alloying elements being discussed. The strategy in the future development of biomedical Mg alloys was proposed.