Widespread use of Mg-Zn-Ca alloys in clinical orthopedic practice requires improvement of their mechanical properties—in particular, ductility—and enhancement of their bioactivity for accelerated osteoreconstruction. The alloy was studied in two structural states: after homogenization and after equal-channel angular pressing. Immersion and potentiodynamic polarization tests showed that the corrosion rate of the alloy was not increased by deformation. The mass loss in vivo was also statistically insignificant. Furthermore, it was found that deformation did not compromise the biocompatibility of the alloy and did not have any significant effect on cell adhesion and proliferation. However, an extract of the alloy promoted the alkaline phosphatase activity of human mesenchymal stromal cells, which indicates osteogenic stimulation of cells. The osteoinduction of the deformed alloy significantly exceeded that of the homogenized one. Based on the results of this work, it can be concluded that the alloy Mg-1%Zn-0.3%Ca modified by equal-channel angular pressing is a promising candidate for the manufacture of biodegradable orthopedic implants since it stimulates osteogenic differentiation and has greater ductility, which provides it with a competitive advantage in comparison with the homogenized state.