Interest in cancellous bone analogous materials is driven by the development of tissue engineering and biomaterials. For the past decade, the research focus has been centered on biodegradable materials, in which the ability of the material to safely degrade in the human body while retaining sufficient qualities during service is conveniently cost-effective and less morbid. Among others, magnesium and its alloys have presented the best qualities especially as load-bearing biomaterials. In this article, the promising details of porous magnesium and its alloys as a cancellous bone analogous material developed during the past 10 years are highlighted. The manufacturing processes, mechanical performance, and biocompatibility of porous magnesium and its alloys are discussed. The Achilles’ heel of current evaluation was identified. Further, a few prospective developments of porous magnesium and its alloys are put forward with advanced desirable qualities as a cancellous bone analogous material.