Silicone-based elastic composites with a metallic filler have been strongly developed in recent years. These materials are considered applicable in many fields of science, including medicine. The advantageous mechanical parameters provided by the NdFeB micropowder reinforcement are balanced by the elasticity and biocompatibility guaranteed by the silicone matrix. So far, there have been several reports regarding such composites’ properties important from the biomedical point of view. The article deals with the physicochemical parameters of the new material for medical applications as well as the properties of the incubation liquid. The aim of the work was to determine effects of both the magnetic particles content (0, 30, 50, 70 wt%) and the incubation process under physiological conditions on the physicochemical properties of the material and the solution after incubation. The samples were incubated for various periods of time (8, 16 and 24 weeks) at the temperature of 37°C in a 0.9 wt% NaCl solution. The density, water contact angle, and water absorption of the materials were measured. The electrolytic conductivity, pH value, redox potential, surface tension, and kinematic viscosity were determined for the liquids after the materials incubation. The results obtained for pure silicone and the silicone-based composite reinforced with NdFeB microparticles were compared. The results indicate that incubation affects the samples and liquids, changing their physiochemical properties. For composites, the density decreased, which results in a noticeable concentration of the examined elements in the solutions.