The synthesis and characterization of Ti40Zr20Hf20Fe20 (atom %) alloy, in the form of rods (f = 2 mm), prepared by arc-melting, and subsequent Cu mold suction casting, is presented. The microstructure, mechanical and corrosion properties, as well as in vitro biocompatibility of this alloy, are investigated. This material consists of a mixture of several nanocrystalline phases. It exhibits excellent mechanical behavior, dominated by high strength and relatively low Young’s modulus, and also good corrosion resistance, as evidenced by the passive behavior in a wide potential window and the low corrosion current densities values. In terms of biocompatibility, this alloy is not cytotoxic and preosteoblast cells can easily adhere onto its surface and differentiate into osteoblasts.