This paper examines the properties of a fractional diffusion equation defined by the composition of the inverses of the Riesz potential and the Bessel potential. The first part determines the conditions under which the Green function of this equation is the transition probability density function of a Levy motion. This Levy motion is obtained by the subordination of Brownian motion, and the Levy representation of the subordinator is determined. The second part studies the semigroup formed by the Green function of the fractional diffusion equation. Applications of these results to certain evolution equations is considered. Some results on the numerical solution of the fractional diffusion equation are also provided.