Magnesium alloys with suitable corrosion behaviour and good mechanical properties are desired for biodegradable materials. In the current study, novel Mg-Li-based metallic glasses (MGs) demonstrate potential clinical applications as implantable biodegradable materials. The amorphous structure of MGs provides suitable elastic modulus with human bone. The enhanced corrosion resistance of MGs realises a uniform corrosion process, as well as maintains a stable acid-based environment, and increases cell proliferation. A schematic model is proposed to illustrate the corrosion mechanisms of MGs. Adding Li significantly improves the corrosion resistance of MGs. Both the indirect cytotoxicity and direct cell culture assays are conducted using transfected osteoblasts (hFOB) cells. Results show that the novel Mg-Li-Zn-Ca MGs have good biocompatibility.