Magnesium potassium phosphate cement (MKPC) is emerging as a promising alternative to conventional calcium phosphate-based bone cements. However, understanding how processing conditions affect its properties remains a key challenge for medical applications. This study systematically investigates the role of key process parameters, including the type of magnesia powder (normal vs. light), the Mg/P molar ratio (3:1 – 5:1), and the powder-to-liquid (P/L) ratio (2:1 – 3:1) – in shaping the structural, physicochemical, and biological properties of MKPC. Using standardized preparation protocol revealed that each variable, individually or in combination, influences crucial cement characteristics, including setting time and temperature, microstructure diversity, phase composition, k-struvite crystallization, porosity, mechanical strength, biodegradation, injectability, and cytocompatibility. The results revealed that the combination of light dead-burned magnesia, the Mg/P ratio of 4:1, and the P/L ratio of 2:1 provided a balanced setting profile (8-12 min at <50 °C), strong structural integrity, and favorable biological performance. The cement exhibited rapid k-struvite crystallization, well-developed MgP crystal morphology, controlled porosity, and adequate mechanical stability. In vitro assays confirmed good cytocompatibility and osteoblast adhesion. Overall, this systematic study decodes the critical influence of process variables on MKPC biofunctional properties, demonstrating how their controlled adjustment enables fine-tuning of cement performance for minimally invasive orthopedic applications.