A series of MgZn alloys, including Mg1%Zn, Mg2.5%Zn, Mg25%Zn, Mg50%Zn, Mg75%Zn and Mg99%Zn alloys (at%), were designed and produced by powder metallurgy for bone tissue engineering. The effects of MgZn intermetallic phases on microstructures, mechanical properties and corrosion resistance of Mg matrix and Zn matrix were studied and compared to select the suitable candidates for biodegradable metallic implants. The results showed that Mg2.5%Zn alloy could be treated as good candidate for bone tissue engineering due to its suitable mechanical properties, relatively low degradation rate and good biosafety. Mg1%Zn alloy could be used as candidate for implants without high strength requirements. The typical dendrite structure between bulk intermetallic phases and matrix were found in Mg25%Zn and Mg50%Zn alloys, which caused obvious property heterogeneity, strength reduction, and severe galvanic corrosion. Mg75%Zn and Mg99%Zn alloys obtained the lower degradation rates and higher compressive strengths, but they were too brittle to be used as available biomaterials. Consequently, the MgZn series alloys prepared by powder metallurgy have the potential to serve as biodegradable metals.