Magnesium-Zinc-Zirconium (Mg-Zn-Zr) alloys have caught considerable attention in medical applications where biodegradability is critical. The combination of their good biocompatibility, improved strength, and low cytotoxicity makes them great candidates for medical implants. This research investigation is focused on providing further insight into the effects of equal channel angular processing (ECAP) on the corrosion behavior, microstructure evolution, and mechanical properties of a biodegradable ZK30 alloy. Billets of Mg-3Zn-0.6 Zr (ZK30) alloy were processed through ECAP up to 4 passes of route Bc (rotating the billets 90° in the same direction between the subsequent passes) at 250 °C. Electron back-scatter diffraction (EBSD) was utilized to investigate the microstructural evolution as well as the crystallographic texture. Several electrochemical measurements were carried out on both a simulated body fluid and a 3.5% sodium chloride (NaCl) solution. Mechanical properties such as Vicker’s hardness and tensile properties were also assessed. The as-annealed (AA) microstructure was dominated by equiaxed coarse recrystallized grains with an average grain size of 26.69 µm. After processing, a geometric grain subdivision took place due to the severe plastic deformation. Processed samples were characterized by grain refinement and high density of substructures. The 4-passes sample experienced a reduction in the grain size by 92.8% compared with its AA counterpart. The fraction of high-angle grain boundaries increased significantly after 4-passes compared to the 1-pass processed sample. With regards to the crystallographic texture, the AA condition had its {0001} basal planes mostly oriented parallel to the transversal direction. On the other hand, ECAP processing resulted in crystallographic texture changes, such as the shifting of the ZK30 shear plane to be aligned at 45° relative to the extrusion direction (ED). Furthermore, the maximum texture intensity was reduced from 14 times random (AA billets) to 8 times random after ECAP processing through 4-passes. The corrosion rate of the 4-passes sample was tremendously reduced by 99% and 45.25% compared with its AA counterpart in the simulated body fluid and the NaCl solution, respectively. The pitting corrosion resistance of ZK30 showed notable improvements in the simulated body fluid by 471.66% and 352% during processing through 1-pass and 4-passes, respectively, compared with the 3.5% NaCl findings. Finally, significant improvements in the tensile strength, hardness, and ductility were also achieved.