The effect of equal channel angular pressing (ECAP) on the microstructure, texture, mechanical properties, and corrosion resistance of the alloys Mg-6.0%Ag and Mg-10.0%Gd was studied. It was shown that ECAP leads to grain refinement of the alloys down to the average grain size of 2–3 μm and 1–2 μm, respectively. In addition, in both alloys the precipitation of fine particles of phases Mg54Ag17 and Mg5Gd with sizes of ~500–600 and ~400–500 nm and a volume fraction of ~9% and ~8.6%, respectively, was observed. In the case of the alloy Mg-6.0%Ag, despite a significant grain refinement, a drop in the strength characteristics and a nearly twofold increase in ductility (up to ~30%) was found. This behavior is associated with the formation of a sharp inclined basal texture. For alloy Mg-10.0%Gd, both ductility and strength were enhanced, which can be associated with the combined effect of significant grain refinement and an increased probability of prismatic and basal glide. ECAP was also shown to cause a substantial rise of the biodegradation rate of both alloys and an increase in pitting corrosion. The latter effect is attributed to an increase in the dislocation density induced by ECAP and the occurrence of micro-galvanic corrosion at the matrix/particle interfaces.