This study investigates the effects of Zinc (Zn), Manganese (Mn), and Iron (Fe) additions on the microstructure, corrosion behaviour, biocompatibility, mechanical, and gamma-ray shielding properties of Magnesium (Mg) alloys prepared in various compositions using powder metallurgy (PM). The microstructure and mechanical properties of these alloys were analyzed using electron microscopes (SEM and FE-SEM) and X-ray diffraction (XRD) methods. The results showed positive changes in the material's structure when the percentage of zinc added to pure magnesium increased. It was observed that the material became ductile, and the ductile fracture increased when the zinc ratio increased. The gamma-ray shielding properties of newly produced Mg-based alloys have also been discussed since they have a high potential for use in space technologies. Radiation shielding measurements have been performed using a 3′′ × 3″ NaI(Tl) scintillation detector NaI (Tl) gamma-ray spectrometer. The gamma-ray shielding parameters such as the linear attenuation coefficients (μl), mass attenuation coefficient (μm), effective atomic number (Zeff), half-value layer (HVL), and tenth-value layer (TVL) have been determined experimentally at photon energies of 0.511 MeV (emitted from a22Na radioactive point source) and 1.173 MeV and 1.332 MeV (emitting from a60Co radioactive point source). The obtained parameters have been compared to the theoretical results of the XCOM software, and a satisfactory agreement has been found. It can be said from the results that the Mg30Zn alloy has the best shielding properties among the produced materials.