Hydroxyapatite and bioactive glass particles were added to pure magnesium and an AZ91 magnesium alloy and then consolidated into disc-shaped samples at room temperature using high-pressure torsion (HPT). The bioactive particles appeared well-dispersed in the metal matrix after multiple turns of HPT. Full consolidation was attained using pure magnesium, but the center of the AZ91 disc failed to fully consolidate even after 50 turns. The magnesium-hydroxyapatite composite displayed an ultimate tensile strength above 150 MPa, high cell viability, and a decreasing rate of corrosion during immersion in Hank’s solution. The composites produced with bioactive glass particles exhibited the formation of calcium phosphate after 2 h of immersion in Hank’s solution and there was rapid corrosion in these materials.