Highly porous Mg-Ca-Zn-Co alloy scaffolds for tissue engineering applications were produced by powder metallurgy based space holder-water leaching method. Mg-Ca-Zn-Co alloy foam can be used as a scaffold material in tissue engineering. Carbamide was used as a space holder material. Fluoride conversion coating was synthesized on the alloy by immersion treatment in hydrofluoric acid (HF). Increasing Zn content of the alloy increased the elastic modulus. Ca addition prevented the oxidation of the specimens during sintering. Electrochemical corrosion behaviour of the specimens was examined in simulated body fluid. Corrosion rate decreased with Zn addition from 1.0% up to 3.0% (mass fraction) and then increased. Mass loss of the specimens initially decreased with Zn addition up to about 3% and then increased. Fluoride conversion coating increased the corrosion resistance of the specimens.