A study of microstructure, phase composition, mechanical properties, corrosion processes, and biocompatibility in vitro of the Zn–1%Mg and Zn–1%Mg–0.1%Ca alloys in an annealed state and after rotary swaging (RS) is presented. Partially recrystallized microstructure is formed in the studied alloys after RS at 200 °C. RS reduces the mass fraction of intermetallic phases in comparison with annealed states of the alloys. RS at 200 °C increases the strength of the Zn–1%Mg and Zn–1%Mg–0.1%Ca alloys up to 248 ± 9 and 249 ± 9 with the growth of ductility up to 10.3 ± 3% and 14.2 ± 0.9%, respectively. The structure after RS at 200 °C does not lead to a change in the corrosion resistance of the studied alloys. However, an increase in the incubation period of the alloys in a growth medium slows down the degradation process due to the formation of a film consisting of degradation products. Rotary swaging does not impair the biocompatibility of the Zn–1%Mg and Zn–1%Mg alloys, maintaining the viability and integrity of blood cells, preventing hemolysis, and ensuring the adhesion and proliferation of osteogenic cells on the surface of samples.