In response to concerns of potential cytotoxicity and adverse tissue reactions caused by vanadium and aluminum in the currently used biomaterial Ti-6Al-4V, the Ti–20Zr alloy was evaluated in this study because it has been suggested as a candidate for human body implant material. The Ti-20Zr alloy was obtained by vacuum-melting, followed by heat treatment at 1000 °C for 1 h, and then air-cooled. Optical and scanning electron microscopy revealed that the sample had an α and β lamellar microstructure. Analysis showed that the mechanical properties, in terms of hardness measurements performed at low loads, were significantly different between the two phases. Thus, it was found out that the α phase is softer by about 30% compared to the β phase. The Electrochemical Impedance Spectroscopy technique (EIS) was employed to study the electrochemical behavior in simulated body fluid (SBF). The electrochemical behavior demonstrated that Ti-20Zr alloy exhibits excellent corrosion resistance due to the stable oxide layer formed on its surface. SEM and EDS investigations showed that the surface topography, after electrochemical studies, is characterized by a porous film with increased oxygen content, which might be suitable for the osteoinductive growth of bone.