Nowadays, alongside metallic biomaterials, there is increasing interest in using degradable metals in an appreciable number of medical applications. There are new kinds of metallic biomaterials for medical applications and many new findings have been reported over the past few years. Iron-based materials are a solution for biodegradable applications based on their mechanical and chemical properties. In order to control the corrosion rate of the Fe10Mn6Si alloy, we proposed the use of two additional elements, Ca and Mg, as corrosion promoters. The new material was obtained in an air-controlled atmosphere furnace after five melting operations. The material was in vitro analyzed from a corrosion resistance point of view. The experiments were realized by immersion (7, 14, and 30 days) in simulated body fluid (SBF) solution at 37 • C and a constant pH, and by electrochemical tests (electrochemical impedance spectroscopy (EIS), linear polarization (LP), cyclic polarization (CP)). Material surfaces before and after corrosion tests were analyzed through scanning electron microscopy (SEM), energy-dispersive X-ray spectroscopy (EDX), and X-ray diffraction (XRD) techniques. A discussion on the degradation rate of the material was realized from a comparison of the results. The results presented good composition homogeneity after the re-melting stages, with low percentages of Ca and Mg in the material, but with an adequate spread in the alloy.