Magnesium due to its good biocompatibility, mechanical properties, necessity in metabolic processes and lightness in weight, is an ideal candidate for biodegradable implants. The major concerns with magnesium and its alloys are that of rapid and non-uniform corrosion. In this investigation, magnesium based binary, ternary and quaternary alloys were studied for their corrosion resistance and biocompatibility. In vitro corrosion resistance of the alloys was studied in accordance with ASTM G 102-89in phosphate buffered saline (PBS) at 37°C. The surface morphology of the alloys was studied using scanning electron microscopy (SEM) and the wettability of the alloys was determined by contact angle measurements. Additionally, the cytotoxicity of the leached metal ions on the viability of osteoblast was evaluated bysulforhodamine B (SRB) assay.