Compared with traditional orthopedic metal implants, magnesium alloys demonstrate superior mechanical strength and biocompatibility, while also exhibiting biodegradability, bone-inducing properties, and antibacterial activity. However, currently developed medical magnesium alloys suffer from insufficient corrosion resistance, failing to meet clinical requirements. Rare earth elements, which can effectively enhance critical properties like corrosion resistance in magnesium alloys, have become the core additive elements for developing new medical magnesium alloys. Consequently, the design, preparation, and clinical translation of rare earth magnesium alloys have garnered significant attention in recent years. This study aims to briefly explore the feasibility, challenges, and future prospects of biodegradable rare earth magnesium alloys as orthopedic internal fixation implants.