A biodegradable magnesium matrix and beta-tricalcium phosphate (β-TCP) particles reinforced composite Mg–2Zn–0.5Ca/1beta-TCP (wt.%) was fabricated for biomedical applications by the novel route of combined high shear solidification (HSS) and equal channel angular extrusion (ECAE). The as-cast composite obtained by HSS showed a fine and equiaxed grain structure with globally uniformly distributed β-TCP particles in aggregates of 2–25 μm in size. The ECAE processing at 300 °C resulted in further microstructural refinement and the improvement of β-TCP particle distribution. During ECAE, the β-TCP aggregates were broken into smaller ones or individual particles, forming a dispersion in the matrix. Such fabricated composite exhibited enhanced hardness and in vitro corrosion resistance. The enhanced hardness was attributed to both the addition of β-TCP particles and grain refinement while the development of a Ca–P rich surface layer from β-TCP during corrosion was responsible for the improvement in corrosion resistance. The composite was characterized in terms of microstructural evolution during fabrication, mechanical properties and electrochemical performance during polarization and immersion tests in a simulated body fluid. Discussions are made on the benefits of both HSS and ECAE and the mechanisms responsible for the enhanced corrosion resistance.