Precipitation hardening is an effective strengthening mechanism to achieve high strength at moderate ductility in Mg-RE alloys. However, improved mechanical properties by precipitates that strengthen the alloy can affect corrosion rates as the finely dispersed particles are often more noble than the matrix. Biodegradable implant material should show a certain corrosion rate, but should be free of pitting, because wide and deep pits are notches that can cause higher stress concentration. WE43 has generally shown an acceptable biological response. In this study, a Mg-Y-Nd-Gd-Dy (WE32) alloy in extruded, solution and precipitation heat-treated conditions has been investigated. Solution heat treatment causes grain growth and strength loss. A rather short ageing response to peak hardness was observed, where peak hardening causes hardness values to exceed that of the initial extruded condition. Grain growth during ageing is not significant. Corrosion was evaluated with potentiodynamic polarization in Ringer Acetate solution. The highest corrosion rate was observed in the T4 condition. The peak aged alloy showed the most homogenous form of corrosion.