Advances in biomedicine and development of modern technologies in the last century have fostered the improvement in human longevity and well-being. This progress simultaneously initiated the need for novel biomaterials. Recently, degradable metallic biomaterials have attracted serious attention in scientific and clinical research owing to their utilization in some specific applications. This work investigates the effect of the polyethylene glycol (PEG) coating of open-cell iron and phosphorus/iron foams on their microstructure and corrosion properties. The addition of phosphorus causes a slight increase in pore size and the deposition of a polymer coating results in a smoothened surface and a moderate decrease in pore diameter. The PEG coating leads to an increase in corrosion rates in both foams and potentially a more desirable product.