The Fe-Mn-Si alloys are promising materials for biodegradable metallic implants for temporary healing process in the human body. In this study, three different compositions are considered (Fe23Mn5Si, Fe26Mn5Si, and Fe30Mn5Si, all in wt pct). The phase composition analysis by XRD reveals ε-martensite, α-martensite, and γ-austenite in various proportions depending on the manganese amount. The DSC study shows that the starting temperature of the martensitic transformation (Ms) of the alloys decreases when the manganese content increases (416 K, 401 K, and 323 K (143 °C, 128 °C, and 50 °C) for the Fe23Mn5Si, Fe26Mn5Si, and Fe30Mn5Si alloys, respectively). Moreover, mechanical compression tests indicate that these alloys have a much lower Young’s modulus (E) than pure iron (220 GPa), i.e., 145, 133, and 118 GPa for the Fe23Mn5Si, Fe26Mn5Si, and Fe30Mn5Si alloys, respectively. The corrosion behavior of the alloys is studied in Hank’s solution at 310 K (37 °C) using electrochemical experiments and weight loss measurements. The corrosion kinetics of the Fe-Mn-Si increases with the manganese content (0.48, 0.59, and 0.80 mm/year for the Fe23Mn5Si, Fe26Mn5Si, and Fe30Mn5Si alloys, respectively). The alloy with the highest manganese content shows the most promising properties for biomedical applications as a biodegradable and biomechanically compatible implant material.