This study attempts to synthesize MgZn/TiO2-MWCNTs composites with varying TiO2-MWCNT concentrations using mechanical alloying and a semi-powder metallurgy process coupled with spark plasma sintering. It also aims to investigate the mechanical, corrosion, and antibacterial properties of these composites. When compared to the MgZn composite, the microhardness and compressive strength of the MgZn/TiO2-MWCNTs composites were enhanced to 79 HV and 269 MPa, respectively. The results of cell culture and viability experiments revealed that incorporating TiO2-MWCNTs increased osteoblast proliferation and attachment and enhanced the biocompatibility of the TiO2-MWCNTs nanocomposite. It was observed that the corrosion resistance of the Mg-based composite was improved and the corrosion rate was reduced to about 2.1 mm/y with the addition of 10 wt% TiO2-1 wt% MWCNTs. In vitro testing for up to 14 days revealed a reduced degradation rate following the incorporation of TiO2-MWCNTs reinforcement into a MgZn matrix alloy. Antibacterial evaluations revealed that the composite had antibacterial activity, with an inhibition zone of 3.7 mm against Staphylococcus aureus. The MgZn/TiO2-MWCNTs composite structure has great potential for use in orthopedic fracture fixation devices.