The medical applications of degradable iron-based biomaterials have been targeted by re-searchers due to their special properties that they present after alloying with various elements and different technological methods of obtaining. Compared to other biodegradable materials, iron-based alloys are designed especially for the low production costs, the non-magnetism obtained by alloying with Mn, and the shape memory effect (SME) following the alloying with Si, which is necessary in medical applications for which it could replace nitinol successfully. Alloying with new elements could improve the mechanical properties, the degradation rate, and the transformation temperatures corresponding to the SME. This paper presents the results from the study of FeMnSi-Al alloy as a biodegradable material. The X-ray diffraction (XRD) method was used to identify the phases formed in the experimental Fe-Mn-Si-Al alloy, and the SME was studied by differential scanning calorimetry (DSC). In vitro tests were performed by immersing the samples in Ringer’s biological solution for different time intervals (1, 3, and 7 days). The chemical composition of the samples, as well as the compounds resulting from the immersion tests, were evaluated by energy dispersive X-ray (EDS). Scanning electron microscopy (SEM) was used for the microstructural analysis and for highlighting the surfaces subjected to contact with the electrolyte solution. The corrosion rate (CR, mm/yr.) was calculated after mass loss, sample surface area, and immersion time (h) (at 37 °C). Samples were subjected to electro-corrosion tests using electrochemical impedance spectroscopy (EIS) and Tafel linear and cyclic potentiometry.