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The potential of magnesium alloys as bioabsorbable / biodegradable implants for biomedical applications has been extensively studied as emerging direction. This paper gives a review of current topics in this field. Research activities related to biomedical magnesium alloys have been pursued in two main directions, orthopedic and cardiovascular implants, by investigating different aspects of alloying system design, novel structures, degradation rate control, and surface modification methods. Magnesium alloys are currently considered for applications as load-bearing implant devices such as plates, screws and pins for repairing bone fracture. Highly important direction of research is degradable coronary stents. Degradable vessel stents promote stable vessel regeneration, unlike permanent stents. Different combinations of alloying elements have been investigated in order to decrease corrosion rate.Tribological issues are also important for understanding of different phenomenon related to prolongation of Mg alloys corrosion degradation time/rate, such as tribocorrosion, corrosion fatigue, and fatigue crack growth behavior.