An improved process for controlled degradation of grain refined magnesium alloy in temporary orthopedic implants. At least one sample rod of magnesium alloy of pre-defined measurement can be processed using severe plastic deformation (SPD) technique in order to thereby achieve the fine grain size of magnesium alloy through microstructural modification. A sample of the grain refined magnesium alloy of pre-defined measurement cut from the centre of the sample can be immersed in simulated body fluids and kept in a constant water bath kept at 37°C in order to achieve rapid mineralization consisting hydroxyapatite and magnesium phosphate phases due to high surface energy for fine grained magnesium. The corrosion resistance of the grain refined magnesium alloy can be increased due to the mineral phases which act as a barrier to enhance the protection against the aggressive attack of chloride ions abundant in physiological environment. Such a grain refined magnesium alloy can be effectively used in a wide range of orthopedic implant applications with greater bio-mechanical properties.