Magnesium (Mg) and its alloys have been widely researched for orthopedic applications recently. Mg alloys have stupendous advantages over the commercially available stainless steel, Co-Cr-Ni alloy and titanium implants. Till date, extensive mechanical, in-vitro and in-vivo studies have been done to improve the biomedical performance of Mg alloys through alloying, processing conditions, surface modification etc. This review comprehensively describes the strategies for improving the mechanical and degradation performance of Mg alloys through properly tailoring the composition of alloying elements, reinforcements and processing techniques. It also highlights the status and progress of research in to (i) the selection of nutrient elements for alloying, reinforcement and its effects (ii) type of Mg alloy system (binary, ternary and quaternary) and composites (iii) grain refinement for strengthening through severe plastic deformation techniques. Furthermore it also emphasizes on the importance of Mg composites with regard to hard tissue applications. © 2017