Binary silicon boride SiB3 has been reported to occur in two forms, as disordered and nonstoichiometric α-SiB3–x, which relates to the α-rhombohedral phase of boron, and as strictly ordered and stoichiometric β-SiB3. Similar to other boron-rich icosahedral solids, these SiB3 phases represent potentially interesting refractory materials. However, their thermal stability, formation conditions, and thermodynamic relation are poorly understood. Here, we map the formation conditions of α-SiB3–x and β-SiB3 and analyze their relative thermodynamic stabilities. α-SiB3–x is metastable (with respect to β-SiB3 and Si), and its formation is kinetically driven. Pure polycrystalline bulk samples may be obtained within hours when heating stoichiometric mixtures of elemental silicon and boron at temperatures 1200–1300 °C. At the same time, α-SiB3–x decomposes into SiB6 and Si, and optimum time-temperature synthesis conditions represent a trade-off between rates of formation and decomposition. The formation of stable β-SiB3 was observed after prolonged treatment (days to weeks) of elemental mixtures with ratios Si/B = 1:1–1:4 at temperatures 1175–1200 °C. The application of high pressures greatly improves the kinetics of SiB3 formation and allows decoupling of SiB3 formation from decomposition. Quantitative formation of β-SiB3 was seen at 1100 °C for samples pressurized to 5.5–8 GPa. β-SiB3 decomposes peritectoidally at temperatures between 1250 and 1300 °C. The highly ordered nature of β-SiB3 is reflected in its Raman spectrum, which features narrow and distinct lines. In contrast, the Raman spectrum of α-SiB3–x is characterized by broad bands, which show a clear relation to the vibrational modes of isostructural, ordered B6P. The detailed composition and structural properties of disordered α-SiB3–x were ascertained by a combination of single-crystal X-ray diffraction and 29Si magic angle spinning NMR experiments. Notably, the compositions of polycrystalline bulk samples (obtained at T ≤ 1200 °C) and single crystal samples (obtained from Si-rich molten Si–B mixtures at T > 1400 °C) are different, SiB2.93(7) and SiB2.64(2), respectively. The incorporation of Si in the polar position of B12 icosahedra results in highly strained cluster units. This disorder feature was accounted for in the refined crystal structure model by splitting the polar position into three sites. The electron-precise composition of α-SiB3–x is SiB2.5 and corresponds to the incorporation of, on average, two Si atoms in each B12 icosahedron. Accordingly, α-SiB3–x constitutes a mixture of B10Si2 and B11Si clusters. The structural and phase stability of α-SiB3–x were explored using a first-principles cluster expansion. The most stable composition at 0 K is SiB2.5, which however is unstable with respect to the decomposition β-SiB3 + Si. Modeling of the configurational and vibrational entropies suggests that α-SiB3–x only becomes more stable than β-SiB3 at temperatures above its decomposition into SiB6 and Si. Hence, we conclude that α-SiB3–x is metastable at all temperatures. Density functional theory electronic structure calculations yield band gaps of similar size for electron-precise α-SiB2.5 and β-SiB3, whereas α-SiB3 represents a p-type conductor.