Metallic implants have been successfully used in medicine for the past 60–70 years. Historically, implants were designed only as mechanical devices, whereas the biological aspects of their application were beyond the researchers’ interest. The improvement of living conditions and the increase of the average life span have changed the situation. The clinical requirements for medical implants rise up substantially. Presently, it seems impossible to imagine the use of metallic implants in the human body without preliminary surface modification to modulate the interaction between the surrounding biological environment and the implant. The review highlights the most recent advances in the field of functional coatings formed on implants by the plasma electrolytic oxidation technology. Special attention is dedicated to the principles of surface modification of the commercially pure titanium, titanium nickelide, and Mg-Mn-Ce magnesium alloy. The advantages and disadvantages of the method and the characteristics of these materials are discussed from this point of view. Some aspects of this review are aimed at corrosion protection of implants with application of polymer materials.