Magnesium matrix composites are a new generation of biocompatible implant materials, but they will inevitably undergo simultaneous wear and corrosion in the human body. In this study, hydroxyapatite (Ca10(PO4)6(OH)2, HA) is used in a magnesium matrix composite to study its effects on the corrosion–wear behavior. Two samples (a magnesium alloy composed of Mg, Zn, and Zr (ZK60) alloy and ZK60/10HA composite) were fabricated using the powder metallurgy (PM) process. Their corrosion–wear behavior was investigated using the sliding wear test in a simulated body fluid (SBF). At all the sliding velocities tested, the corrosion– wear resistance of ZK60/10HA was superior to ZK60. At a sliding velocity of 942.5 mm/min, ZK60/10HA demonstrated a 42% improvement in corrosion–wear resistance compared to ZK60. For ZK60, the main wear mechanism under dry conditions was abrasion, while the wear mechanisms in the SBF were abrasion and corrosion. For ZK60/10HA, the wear mechanisms under dry conditions were abrasion and delamination, while in SBF they were mainly abrasion and corrosion, accompanied by slight delamination. The results indicated that HA particles can be used as an effective corrosion–wear inhibitor in biocompatible magnesium matrix composites.