Worldwide, the demand of biomedical implant among average males and females are rapidly increasing. As per the current statistics, in India approximately seventy million people are suffering from joint related issues and this rate is expected to rise. In addition, the global sale of orthopedic implants in 2003 alone was USD 8.7 billion and had been projected to have a yearly growth rate of 12.5%. The distinct implant materials such as 316L stainless steel, titanium and its alloy, cobalt-chrome alloy and instrument materials generally required improvement in surface characteristics in term of biological and mechanical properties. Knowledge of the various properties of the implant material, composition and biological response, such as corrosion, and the procedure for testing it using a specific electrolyte are very important for future researchers. This review focuses on different implant materials, their characteristics and chemistry, different types of implant corrosion, surface modification techniques, specific corrosion test procedures, future opportunities and challenges.