Significant progress was achieved presently in the development of metallic foam-like materials improved by biocompatible coatings. Material properties of the iron, magnesium, zinc, and their alloys are promising for their uses in medical applications, especially for orthopedic and bone tissue purposes. Current processing technologies and a variety of modifications of the surface and composition facilitate the design of adjusted medical devices with desirable mechanical, morphological, and functional properties. This article reviews the recent progress in the design of advanced degradable metallic biomaterials perfected by different coatings: polymer, inorganic ceramic, and metallic. Appropriate coating of metallic foams could improve the biocompatibility, osteogenesis, and bone tissue-bonding properties. In this paper, a comprehensive review of different coating types used for the enhancement of one or several properties of biodegradable porous implants is given. An outline of the conventional preparation methods of metallic foams and a brief overview of different alloys for medical applications are also provided. In addition, current challenges and future research directions of processing and surface modifications of biodegradable metallic foams for medical applications are suggested.