Magnesium alloys have shown great potential for applications as both structural and biomedical materials due to their high strength-to-weight ratio and good biodegradability and biocompatibility, respectively. Among them, Mg-Zn based alloys are attracting increasing interest for both applications. As such, this article provides a review of the corrosion performance and mechanical properties of Mg-Zn based alloys, including the influence of environment and processing on both of them. The strategies for tailoring corrosion resistance and/or mechanical properties by microstructure adjustment and surface treatment are discussed.