The corrosion behaviour of new generation titanium alloys (β-type with low modulus) for medical implant applications is of paramount importance due to their possible detrimental effects in the human body such as release of toxic metal ions and corrosion products. In spite of remarkable advances in improving the mechanical properties and reducing the elastic modulus, limited studies have been done on the electrochemical corrosion behaviour of various types of low modulus titanium alloys including the effect of different beta-stabilizer alloying elements. This development should aim for a good balance between mechanical properties, design features, metallurgical aspects and, importantly, corrosion resistance. In this article, we review several significant factors that can influence the corrosion resistance of new-generation titanium alloys such as fabrication process, body electrolyte properties, mechanical treatments, alloying composition, surface passive layer, and constituent phases. The essential factors and their critical features are discussed. The impact of various amounts of α and β phases in the microstructure, their interactions, and their dissolution rates on the surface passive layer and bulk corrosion behaviour are reviewed and discussed in detail. In addition, the importance of different corrosion types for various medical implant applications is addressed in order to specify the significance of every corrosion phenomenon in medical implants.