Over the last decades, biodegradable metals have gained popularity for biomedical applications due to their ability to assist in tissue healing. These materials degrade in vivo, while the corrosion products formed are either absorbed or excreted by the body, and no further surgical intervention is required for removal. Intensive research has been carried out mainly on degradable biomaterials based on Mg and Fe. In recent years, zinc‐based degradable biomaterials have been explored by the biomedical community for their intrinsic physiological relevance, desirable biocompatibility, intermediate degradation rate, tuneable mechanical properties and pro‐regeneration properties. Since pure Zn does not exhibit sufficient mechanical properties for orthopedic applications, various Zn alloys with better properties are being developed. In this work, the combined effect of minor Fe addition to Zn and a polyethyleneglycol (PEG) coating on the surface morphology, degradation, cytotoxicity and mechanical properties of Zn‐based materials was studied. There are several studies regarding the influence of the production of Zn alloys, but the effect of polymer coating on the properties of Zn‐based materials has not been reported yet. A positive effect of Fe addition and polymer coating on the degradation rate and mechanical properties was observed. However, a reduction in biocompatibility was also detected.