Fe-Mn-based degradable biomaterials (DBMs) are promising candidates for temporary implants such as cardiovascular stents and bone fixation devices. Identifying their mechanical properties and biocompatibility is essential to determine the feasibility of Fe-Mn-based alloys as DBMs. This study presents the tensile properties of two powder metallurgical processed Fe-Mn-based alloys (Fe-28Mn and Fe-28Mn-3Si, in mass percent) as a function of immersion time in simulated body fluid (SBF). In addition, short-term cytotoxicity testing was performed to evaluate the in vitro biocompatibility of the sintered Fe-Mn-based alloys. The results reveal that an increase in immersion duration deteriorated the tensile properties of both the binary and ternary alloys. The tensile properties of the immersed alloys were severely degraded after being soaked in SBF for ≥45 days. The ion concentration in SBF released from the Fe-28Mn-3Si samples was higher than their Fe-28Mn counterparts after 7 days immersion. The preliminary cytotoxicity testing based on the immersed SBF medium after 7 days immersion suggested that both the Fe-28Mn-3Si and Fe-28Mn alloys presented a good biocompatibility in Murine fibroblast cells.