The development of reconstructed 3D bone models has become integral in various engineering applications, particularly in facilitating finite element analysis (FEA). These models also aid surgeons, alongside engineers, in enhancing pre-surgical planning and designing patient-specific implants and surgical instruments. The objective of this research study is to reconstruct the tibial bone from MRI/CT scan data using Mimics software and perform biomechanical analysis on this model by using the finite element technique in Ansys software to predict suitable alternative materials for bone implants and fixation plates. Analysis is performed by using three materials, natural bone material, titanium alloy (Ti6Al4V), and magnesium alloy (Mg) for different daily life activities such as standing, walking, running, and squatting. The distal end of the tibia is fixed, whereas loads are applied on the tibial plateau, and the weight of a person is considered as load. The study shows that titanium alloy generates minimum stresses as well as minimum displacement in comparison with magnesium alloys. Also, the mass of the tibial bone (cortical + cancellous bone) when the materials are titanium alloy, magnesium alloy, and natural bone is 2.0293, 0.8292, and 0.752 kg. It is found that titanium alloys are suitable for high-stress applications such as hip or knee implants, whereas magnesium alloys are suitable for low-load applications such as bone fixation plates.