In this study, highly porous Mg-Ca-Zn-Co alloy scaffolds for tissue engineering applications were prepared by powder metallurgy based space holder method. Mg-Ca-Zn-Co alloy foam can be used as a scaffold material for hard tissue generation. Mechanical properties of the porous specimens are close to cancellous bone. Increasing Zn content in the alloy decreased the Mg grain size and enhanced the mechanical properties. Increasing Zn content of the alloy from 1.0 to 8.0 wt.% increased the Young's modulus from 12 GPa to 23 GPa. Ca addition prevented the oxidation of the specimens during sintering. Electrochemical corrosion behaviour of the specimens was examined in the simulated body fluid. Corrosion rate was decreased with Zn addition up to 3.0 wt.% and then increased. Increasing Co content increased the corrosion rate. Weight loss/gain and Mg ion release values were increased with increasing immersion time. Weight loss of the specimen was initially decreased with Zn addition up to about 3% and then increased.