Biodegradable compositions containing from 10.0 to 95.0 weight percent iron for use in preparing medical devices. These biodegradable compositions exhibit properties that make them suitable for use as medical devices for implantation into a body of a patient. The compositions also include one or more elements selected from manganese, magnesium, zirconium, zinc and calcium. The compositions can be prepared using a high energy milling technique and high energy mechanical alloying followed by compaction and sintering, film deposition techniques, such as, pulsed laser deposition (PLD), as well as melting, casting, homogenization and extrusion methods. The resulting compositions and the medical devices formed therefrom are useful in various surgical procedures, such as but not limited to orthopedic, craniofacial and cardiovascular.