Magnesium (Mg) is one of the abundant element on the earth and lightest metals with hexagonal lattice structure. Mg-based alloys and its composites has significant attention in biomedical field, due to its biological activity, biocompatibility, bioresorbability and other mechanical properties. This review article is distinguished from the earlier studies, by its systematic examination of the microstructure, mechanical performance, and production techniques of magnesium based alloys designed specifically for biomedical applications. This review article was primarily focused on the microstructure performance, mechanical properties and various methods of producing Mg-based alloys for various significant biomedical applications. This study also comprehensively elucidates the recent research outputs and outlines the significance of Mg alloys, emphasizing its biocompatibility, bioresorbability, degradation kinetics and mechanical properties similar to that of natural bones. Furthermore, various Mg-based alloys, its production techniques, various properties suitable for biomedical applications were elaborately discussed. The microstructure and characterization techniques employed in assessing Mg-based alloys produced by different coating and other methods were also discussed in this review article, shedding light on crucial features influencing its performances. Significantly, a comparative analysis was presented, evaluating its performance characteristics against former materials commonly used in biomedical sector, thereby establishing the suitability and competitiveness of Mg-based alloys in the biomedical field. Finally, scope for future works pertaining to Mg-based materials are highlighted and it is essential to improve the design, development and biomedical applications of various Mg-based alloys using advanced fabrication techniques, novel alloying strategies, surface modifications and additive manufacturing approaches. © 2024 Elsevier Ltd