The invention relates to a biodegradable, magnesium-containing bone screw for implanting into a patient body for use in medical applications, such as, orthopedic and craniofacial surgery. The bone screw has a tapered head, a threaded shaft and pointed tip. The composition of the bone screws provide for improved biodegradability and biocompatibility, and the features of the structure of the bone screws facilitates guidance and placement during implantation as well as reduces the potential for mechanical failures. Moreover, the bone screws are effective to provide targeted release of magnesium ions resulting in enhanced new bone formation.