Magnesium alloys have great potential as biodegradable materials and have attracted much attention in recent years. Much effort has been expended to improve the properties of biodegradable alloys. Herein, various methods for improving the mechanical properties and biocorrosion resistance of magnesium alloys are discussed in detail, including alloying, thermal processing, and surface modification. The mechanisms by which the mechanical properties of alloys are modified are described, including grain refinement strengthening, solid solution strengthening, dislocation strengthening, and precipitation strengthening. On the basis of previous studies, the mechanisms underlying modifications to the biocorrosion resistance of magnesium alloys are summarized as grain refinement, grain growth, the formation of a passivation film, reduction in cathode-anode potential difference, second-phase barrier function, and texture formation. Finally, the remaining problems are summarized and directions for future research are indicated.