Due to their excellent biocompatibility and biodegradability, magnesium alloy wires have attracted much attention for biomaterial applications including orthopedic K-wires and sutures in wound closure. In this study, Mg-3Zn-0.2Ca alloy wires were prepared by cold drawing combined with proper intermediate annealing process. Microstructures, texture, mechanical properties and corrosion behavior of Mg-3Zn-0.2Ca alloy wire in a simulated body fluid were investigated. The results showed that the secondary phase and average grain size of the Mg-3Zn-0.2Ca alloy were refined in comparison with the as-extruded alloy and a strong (0002)<10-10>//DD basal fiber texture system was formed after multi-pass cold drawing. After the annealing, most of the basal planes were tilted to the drawing direction (DD) by about 35°, presenting the characteristics of random texture, and the texture intensity decreased. The as-annealed wire shows good mechanical properties with the ultimate tensile strength (UTS), yield strength (YS) and elongation of 253 ± 8.5 MPa, 212 ± 11.3 MPa and 9.2 ± 0.9%, respectively. Electrochemical and hydrogen evolution measurements showed that the corrosion resistance of the Mg-3Zn-0.2Ca alloy wire was improved after the annealing. The immersion test indicated that the Mg-3Zn-0.2Ca wire exhibited uniform corrosion behavior during the initial period of immersion, but then exhibited local corrosion behavior.