Iron-based biodegradable materials are increasingly being recognized as short-term biomedical implant solutions because of their high mechanical strength, biocompatibility with biological systems, and inherent metabolic compatibility. Their use in a clinical environment is, however, limited by the sluggish degradation rates in physiological environments. This article discusses compositional approaches, like the addition of manganese, palladium, and silver, and structural design approaches, like porosity optimization, grain refinement, and surface modification. The intention behind these approaches is to enhance corrosion rates, improve tissue integration, and offer biocompatibility. Advances in additive manufacturing and surface treatment technologies also enhance the fabrication of patient-specific, multifunctional implants to meet varied clinical needs.