The invention relates to compositions including magnesium-lithium alloys containing various alloying elements suitable for medical implant devices. The devices may be constructed of the compositions or have applied thereto a coating formed therefrom. Within the structure of the magnesium-lithium alloy, there is a co-existence of alpha and beta phases. The invention also relates to methods of preparing the magnesium-lithium alloys and articles, such as medical implant devices, for use in medical applications, such as but not limited to, orthopedic, dental, craniofacial and cardiovascular surgery.