The development of biodegradable implants is certainly intriguing, and magnesium and its alloys are considered significant among the various biodegradable materials. Nevertheless, the fast degradation, the generation of a significant amount of hydrogen gas, and the escalation in the pH value of the body solution are significant barriers to their use as an implant material. The appropriate approach is able to solve this issue, resulting in a decrease the rate of Mg degradation, which can be accomplished by alloying, surface adjustment, and mechanical treatment. Surface modification is a practical option because it not only improves corrosion resistance but also prepares a treated surface to improve bone regeneration and cell attachment. Metal coatings, ceramic coatings, and permanent polymers were shown to minimize degradation rates, but inflammation and foreign body responses were also suggested. In contrast to permanent materials, the bioabsorbable polymers normally show the desired biocompatibility. In order to improve the performance of drugs, they are generally encapsulated in biodegradable polymers. This study summarized the most recent advancements in manufacturing polymeric coatings on Mg alloys. The related corrosion resistance enhancement strategies and future potentials are discussed. Ultimately, the major challenges and difficulties are presented with aim of the development of polymer-coated Mg-based implant materials.