Magnesium with its mechanical properties and nontoxicity is predetermined as a material for biomedical applications; however, its high reactivity is a limiting factor for its usage. Powder metallurgy is one of the promising methods for the enhancement of material mechanical properties and, due to the introduced plastic deformation, can also have a positive influence on corrosion resistance. Pure magnesium samples were prepared via powder metallurgy. Compacting pressures from 100 MPa to 500 MPa were used for samples' preparation at room temperature and elevated temperatures. The microstructure of the obtained compacts was analyzed in terms of microscopy. The three-point bending test and microhardness testing were adopted to define the compacts' mechanical properties, discussing the results with respect to fractographic analysis. Electrochemical corrosion properties analyzed with electrochemical impedance spectroscopy carried out in HBSS (Hank's Balanced Salt Solution) and enriched HBSS were correlated with the metallographic analysis of the corrosion process. Cold compacted materials were very brittle with low strength (up to 50 MPa) and microhardness (up to 50 HV (load: 0.025 kg)) and degraded rapidly in both solutions. Hot pressed materials yielded much higher strength (up to 250 MPa) and microhardness (up to 65 HV (load: 0.025 kg)), and the electrochemical characteristics were significantly better when compared to the cold compacted samples. Temperatures of 300 • C and 400 • C and high compacting pressures from 300 MPa to 500 MPa had a positive influence on material bonding, mechanical and electrochemical properties. A compacting temperature of 500 • C had a detrimental effect on material compaction when using pressure above 200 MPa.