As bioabsorbable materials, magnesium alloys are expected to be totally degraded in the body and their biocorrosion products not deleterious to the surrounding tissues. It's critical that the alloying elements are carefully selected in consideration of their cytotoxicity and hemocompatibility. In the present study, nine alloying elements Al, Ag, In, Mn, Si, Sn, Y, Zn and Zr were added into magnesium individually to fabricate binary Mg-1X (wt.%) alloys. Pure magnesium was used as control. Their mechanical properties, corrosion properties and in vitro biocompatibilities (cytotoxicity and hemocompatibility) were evaluated by SEM, XRD, tensile test, immersion test, electrochemical corrosion test, cell culture and platelet adhesion test. The results showed that the addition of alloying elements could influence the strength and corrosion resistance of Mg. The cytotoxicity tests indicated that Mg-1Al, Mg-1Sn and Mg-1Zn alloy extracts showed no significant reduced cell viability to fibroblasts (L-929 and NIH3T3) and osteoblasts (MC3T3-E1); Mg-1Al and Mg-1Zn alloy extracts indicated no negative effect on viabilities of blood vessel related cells, ECV304 and VSMC. It was found that hemolysis and the amount of adhered platelets decreased after alloying for all Mg-1X alloys as compared to the pure magnesium control. The relationship between the corrosion products and the in vitro biocompatibility had been discussed and the suitable alloying elements for the biomedical applications associated with bone and blood vessel had been proposed.