Medical degradable β-TCP/WE43 composite was fabricated via multi-pass friction stir processing (MP-FSP). The microstructure of the β-TCP/WE43 composite was characterized by metallography, scanning electron microscopy, and energy dispersive spectrometer, and the mechanical properties, corrosion resistance, and corrosion-wear performance of the composite were tested and analyzed. The results showed that, after three passes of friction stir processing (FSP), β-TCP particles were well dispersed in the magnesium matrix, and the grains in the stirring zone were refined. MP-FSP can effectively improve the distribution of β-TCP particles in the magnesium matrix and refine the grains, thereby simultaneously enhancing the mechanical properties, corrosion resistance, and corrosion-wear resistance of the composite. These research findings can provide significant guidance for the development of biodegradable magnesium-based implants.