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In order to develop a potential route to fabricate plates and clips for orthopedic applications, a Mg–3.4Dy–0.2Zn–0.4Zr (wt.%) alloy was produced and analyzed in different conditions: solution treated at 525 °C for 3 h, hot rolled and hot rolled and aged at 250 °C. The aging behavior of the rolled alloy was investigated during isothermal aging at 250 °C, and a significant peak was observed at 10 h. The electrochemical behavior was evaluated in 0.9 wt.% NaCl solution at 37 ± 0.5 °C by potentiodynamic polarization and electrochemical impedance spectroscopy. The 525 °C-3 h and hot rolled specimens exhibited corrosion rates of 2.0 and 1.7 mm/year, respectively. The hot rolled and aged at 250 °C for 10 h specimen presented a grain size of 11.8 ± 1.7 μm with an intense macrotexture of the basal {0002} plane, hardness of 73 ± 3 HV and higher impedance modulus and obtained the highest corrosion resistance with a corrosion rate of 0.9 mm/year.