Designing materials having suitable mechanical properties and targeted degradation behavior is the key for the development of biodegradable materials for medical applications, including stents. A series of Fe-Mn alloys was developed with the objective to obtain mechanical properties similar to those of stainless steel 316L and degradation behavior more suited than pure iron. Four alloys with Mn content ranging between 20 and 35 wt % were compared in this study. Their microstructure, mechanical properties, magnetic properties as well as degradation behavior were carefully investigated. Results show that their microstructure is mainly composed of gamma phase with the appearance of epsilon phase in alloys having a lower Mn content. The yield strength and elongation of alloys was comprised between 234 MPa and 32% for Fe-35%Mn alloy to 421 MPa and 7.5% for the Fe-20%Mn alloy. All alloys show similar magnetic susceptibility ( approximately 1.8 x 10(-7) m(3)/kg) in the quenched condition. This magnetic susceptibility remains constant after plastic deformation for all the tested alloys except for the Fe-20%Mn alloy. The corrosion rate was higher than pure iron. Among the alloys studied in this work, the Fe-35%Mn alloy shows mechanical properties and degradation behavior closely approaching those required for biodegradable stents application.