This review paper gives an insight into the microstructural, mechanical, biological, and corrosion resistance of spark plasma sintered magnesium (Mg) composites. Mg has a mechanical property similar to natural human bones as well as biodegradable and biocompatible properties. Furthermore, Mg is considered a potential material for structural and biomedical applications. However, its high affinity toward oxygen leads to oxidation of the material. Various researchers optimize the material composition, processing techniques, and surface modifications to overcome this issue. In this review, effort has been made to explore the role of process techniques, especially applying a typical powder metallurgy process and the sintering technique called spark plasma sintering (SPS) in the processing of Mg composites. The effect of reinforcement material on Mg composites is illustrated well. The reinforcement’s homogeneity, size, and shape affect the mechanical properties of Mg composites. The evidence shows that Mg composites exhibit better corrosion resistance, as the reinforcement act as a cathode in a Mg matrix. However, in most cases, a localized corrosion phenomenon is observed. The Mg composite’s high corrosion rate has adversely affected cell viability and promotes cytotoxicity. The reinforcement of bioactive material to the Mg matrix is a potential method to enhance the corrosion resistance and biocompatibility of the materials. However, the impact of SPS process parameters on the final quality of the Mg composite needs to be explored.