WE43 magnesium-based alloy is modified and investigated for biodegradable gene-eluting stent applications as it is an ideal engineering material with good mechanical properties and offers better biocompatibility compared to aluminium/zinc (AZ) alloys. In this work, polycaprolactone (PCL) is coated on WE43 using two different solvents via ultrasonic atomization spray coating. For better adhesion of this PCL to the surface, anodization was performed on WE43 to increase bonding strength. Spray coating parameters such as solution concentration, number of spray passes, and atomizing power were optimized for the best coating performance. Characterizations on the coatings showed that both acetone and dichloromethane are suitable for spray coating PCL, but acetone is slightly better, and it is also safer and easier to use. The porous microstructure of oxides formed by anodization increased the bonding adhesion between PCL and WE43. PCL covering these oxides led to enhanced anticorrosion properties as this hydrophobic polymer decreased the water uptake and increased the corrosion resistance. This significantly improved corrosion resistance also maintains the mechanical properties of the WE43 as the mass loss decreased by a factor of four times after PCL coating, helping to keep the mechanical integrity of WE43. Having the oxide layer beneath the PCL coating prevented it from peeling off. Subsequent in vitro cell viability results showed that the PCL layer enhanced the viability of HAoEC cells. Display omitted •Acetone is preferred over dichloromethane for spray coating of polycaprolactone.•Anodization increases the adhesion of polycaprolactone to WE43.•Anodization coupled with polycaprolactone decreases corrosion.•Polycaprolactone coating covers the porous oxide layer, leading to lower hydrogen formation.•Polycaprolactone enhances the biocompatibility of WE43.