The effect of TiB2 additions on the structure, phase composition, and mechanical and tribological properties of materials in the Fe–FKh800 system was studied. The introduction of titanium boride additions activated compaction of the iron-based composites through sintering with participation of the liquid phase that emerged with the formation of low-melting Fe–C–B (Tm ~ 1050°C) and γ-Fe–Fe2B–TiB2 (Tm ~ 1162) eutectics and led to a 50–70°C decrease in the sintering temperature of the compacts. Titanium boride additions between 0.38 to 0.74 wt.% provided 20–25% higher bending strength of the 65 wt.% Fe–35 wt.% FKh800 composite with a slight increase in hardness. Metallographic studies, X-ray diffraction, and electron microprobe analysis of the Fe–35 wt.% FKh800–TiB2 materials showed that titanium boride additions promoted a multiphase, microheterogeneous matrix-reinforced composite, consisting of Kh17 chromium steel, double M7C3 and M3C iron–chromium carbides, and complex Me3(CB) carboborides. The influence of TiB2 additions on the wear resistance of the composites subjected to dry friction against fixed diamond wheel particles and ShKh15 steel was studied. The study showed that the abrasive mass wear (Im) of carbide steels decreased from 36.94 to 14.8 mg/km and their linear wear (Il) decreased from 0.197 to 0.079 mm/km with TiB2 additions increasing from 0.38 to 1.48 wt.%. Titanium boride additions ranging from 0.38 to 2.2 wt.% reduced the mass wear rate from 4.9 to 1.9 mg/km in dry friction of the composite against a ShKh15 steel counterface with 50–55 HRC hardness and decreased the friction coefficient from 0.49 to 0.38.