In this work, selective laser melting (SLM) technology was used to prepare Mg-4Y-3Nd-Zr (WE43) alloy. This alloy and production method are promising for the design of biodegradable implants. The aim of this study was to investigate the chemical composition, microstructure, mechanical properties, corrosion behavior in simulated body fluid (SBF), and cytotoxicity of the alloy produced by SLM method and to compare it with conventionally gravity cast reference alloy. Analysis of the surface of the revealed an oxygen content of 7 wt.%. Undesirable unmelted and only partially adhered spherical particles of the starting powder were also found. The microstructure of the material was very fine and consisted of α-Mg dendritic matrix, β-Mg41(Nd, Y)5 intermetallic phase, Y2O3 inclusions, and 0.6 vol.% of residual porosity. The Vickers hardness, compressive yield strength, compressive strength, and maximum compressive strain were 88 HV0.1, 201 MPa, 394 MPa, and 14%, respectively, which are close to the reference values in as-cast. The in vitro corrosion rates determined by immersion and potentiodynamic tests were 2.6 mm/year and 1.3 mm/year, respectively. Cytotoxicity tests indicated good biocompatibility of the 3D-printed alloy.