With the development of new biodegradable Mg alloy implant devices, the potential applications of biomedical Mg alloy fine wires are realized and explored gradually. In this study, we prepared three kinds of Mg alloy fine wires containing 4 wt%RE(Gd/Y/Nd) and 0.4 wt%Zn with the diameter less than 0.4μm through casting, hot extruding and multi-pass cold drawing combined with intermediated annealing process. Their microstructures, mechanical and degradation properties were investigated. In comparison with the corresponding as-extruded alloy, the final fine wire has significantly refined grain with an average size of 3–4μm, and meanwhile shows higher yield strength but lower ductility at room temperature. The degradation tests results and surface morphologies observations indicate that Mg–4Gd–0.4Zn and Mg–4Nd–0.4Zn fine wires have similar good corrosion resistance and the uniform corrosion behavior in SBF solution. By contrast, Mg–4Y–0.4Zn fine wire shows a poor corrosion resistance and the pitting corrosion behavior.