In this study, Mg-Ca-Zn-Co alloy specimens for biomedical applications were produced by the powder metallurgy method. The Mg-Ca-Zn-Co alloy could be used as a scaffold material in tissue engineering applications. Electrochemical corrosion behavior of the specimens was investigated in simulated body fluid environment. Electrochemical corrosion resistance of the specimens was increased with increasing Zn and Ca contents of the alloy up to an optimum composition and then decreased. Optimum values for Ca and Zn additions were about 0.7 wt.% and 3.0 wt.% respectively. Young's modulus values of the specimens were determined by nondestructive ultrasonic measurement. Alloying element addition increased the Young's modulus of the specimens. Precipitation hardening of the Mg-Ca-Zn-Co alloy increased the Young's modulus and the corrosion rate of the specimens.