Medically relevant biodegradable materials assist in the recovery of damaged tissue in the bones. Oral, cardiovascular, and orthopedic implants frequently use metallic implants. The incorporation of biodegradable metals (BMs) in medical applications is growing as a result of their suitability for use as temporary implants and their capacity to degrade once they accomplished their intended use. BMs have strong biocompatibility, which is the capacity of the substance to function with the proper host interaction in a specific situation. The implant will disintegrate during the healing process, preventing long‐term negative effects and the requirement for surgical removal. Because magnesium (Mg) is the body’s fourth‐most plentiful element, its broken‐down by‐products can either be stored in new bone or calluses, or they can be released into circulation and eliminated through the urine. Mg is a biodegradable substance, although it has far lower corrosion resistance than other orthopedic implants. Mg‐based biomaterials are the most thoroughly researched and often used BMs due to their elastic modulus matching that of human bones, as well as their biosafety, biodegradability, and radiographic visibility. Thus, under this review, BM alloys, specifically Mg‐based metal alloys, and their properties, advantages, and challenges of Mg alloy were reviewed.