Of great interest in developing artificial bone is the incorporation of magnesium (Mg) ions into the ceramic lattice in order to improve the physico-chemical and structural properties of the material and to increase its morphological affinity towards newly formed osseous tissue. In the present study, we evaluated the morphological and biological properties of composite scaffolds fabricated by mixing a nanopowder of Mg-substituted beta-tricalcium phosphate with collagen type I in two dry weight ratios (variant I and II). We used biochemical methods, and electron and light microscopy to investigate their porosity, biodegradability and morphology. Osteoblast cell culture behavior in the presence of nanocomposite variants was also examined. Variant I scaffold presented a higher percentage of cross-links and a better resistance to collagenase degradation compared to variant II scaffold. Their porosity did not vary significantly. Osteoblasts cultivated in the presence of nanocomposite scaffolds for 72 h exhibited good cell viability and a normal morphology. When osteoblasts were injected into the scaffolds, a slightly higher proportion of adhered cells were observed for Mg-substituted samples after 7 days of cultivation. All these results showed that Mg-containing porous composite scaffolds had controlled degradation, allowed osteoblast proliferation and adhesion and are good candidates for bone repair.