Recently, Mg-Zn/hydroxyapatite (HA) composites have attracted much attention as potential candidates for use in bone implants. In this paper, the MgZn/HA composites were prepared using powder metallurgy (PM) and the merging mechanism of MgZn and HA particles was investigated by adjusting the weight ratio of the HA powder. The evolution of the HA distribution in the matrix was examined using SEM and micro-CT images. Afterward, the mechanical properties and biocompatibility of the composites were discussed in detail. The results revealed that the mechanical properties and biocompatibility of the Mg-Zn/HA composites were significantly affected by the HA content. Composites with a low HA content showed increased porosity, improved mechanical strength, and enhanced corrosion resistance after ball milling and cold pressing. These results underscore the importance of optimizing the HA content in Mg-Zn/HA composites for bone implants. Based on our findings, PM Mg-Zn/HA composites with a moderate HA content demonstrate the most promising characteristics as bone implants. The insights gained from this work contribute to the advancement of bone implant materials and hold great potential for enhancing orthopedic surgery outcomes.