A composite material based on polyvinyl alcohol (PVA) and hydroxyapatite modified with magnesium (0.3; 0.5; 1.0 mol) was developed using the in situ mineralization method. A thorough analysis confirmed the formation of a two-phase system, with a uniform distribution of HA particles within the PVA matrix. In addition, the analysis confirmed the successful incorporation of magnesium into the crystal lattice without the formation of secondary phases. The material exhibited a developed macroporous structure, with porosities ranging from 50 to 200 μm. In order to ensure that the rheological properties of the composition were suitable for 3D printing, 4 wt.% gelatin was added, resulting in stable scaffolds. In vitro studies demonstrated high biocompatibility of the materials and a synergistic effect of the components: PVA has been demonstrated to neutralise the cytotoxic effects of HA, while magnesium has been shown to statistically significantly increase the viability of macrophages. The combination of a polymer matrix with an inorganic phase results in a material that exhibits both elasticity and bioactivity. The structural and functional characteristics of these systems render them promising materials for tissue engineering, particularly for bone regeneration and the creation of biocompatible 3D scaffolds.