Mg-6Zn-1Y (mass fraction, %) alloys were prepared for degradable biomaterials. The billets of the alloy were produced by powder metallurgy (PM) method and then hot extruded. The extruded samples were aged for 24h and 72h at 150°C respectively. The microstructure and corrosion behavior of the experimental alloys were comprehensively investigated. The microstructure observations show that the alloys contain α-Mg, MgZn, MgZn₂ and Mg₃YZn₆ (I-phase) phases. The hot extrusion process significantly refined the grains and led to better mechanical properties with the value of compressive strength in the range of 365~399MPa, and better corrosion resistance for the PM alloy shows higher hydrogen volume in the immersion test. Furthermore, due to more uniform corrosion behavior, the alloy aged for 72h shows lower corrosion rate and corrosion current density in the immersion test and potentiodynamic polarization test respectively, and higher resistance value (R_p) results from the electrochemical impedance spectroscopy (EIS), which means the alloy aged for 72h exhibits better corrosion resistance than the other three alloys.