Mg based implants are limited by their poor strength, ductility, and corrosion performance in physiological environments, drawbacks further compounded by their premature loss of mechanical integrity and evolution of harmful hydrogen gas. Neodymium additions to magnesium have been shown to improve mechanical properties through precipitation and solid solution hardening. Therefore, the present study incorporated Nd additions (up to 3%) into a promising Mg-5%Zn-0.13%Y-0.35%Zr alloy to improve mechanical properties and corrosion resistance. The microstructure evaluation of a series of alloys was performed using optical microscopy, scanning electron microscopy (SEM), and X-ray diffraction analysis. The mechanical properties were examined in terms of hardness and tensile strength. Corrosion behavior was evaluated by immersion testing, impedance spectroscopy analysis, potentiodynamic polarization and stress corrosion examination using slow strain rate testing (SSRT), all in PBS solution. The results indicate optimal strength, ductility and corrosion performance with a 2% Nd addition. This was explained in terms of secondary phase formation of a W-phase (Mg3(Nd,Y)2Zn3) and T-phase (Mg4(Nd,Y)Zn2).