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In this work, a series of biodegradable pure iron, Fe-30Mn and Fe-30Mn-Ag alloys were developed by using a rapid solidification technology. A fine α-Fe dendrite was formed in pure iron, resulting in a high compressive yield strength of above 300 MPa. The Fe-30Mn alloy doped with only 1% Ag exhibited a significant increase in the degradation rate in simulated body fluid due to the precipitation of Ag-rich particles in alloy matrix and the induction of the microgalvanic corrosion. In addition, the novel Fe-30Mn-Ag alloy also exhibited a good magnetic compatibility and offered a closely approaching requirement for biodegradable medical applications.