AlMgB14 ceramics is known as a material characterized by increased hardness in combination with a low friction coefficient. Composite structures based on this ceramics have even higher strength characteristics. In the present work, we investigate the structural-phase states and physicomechanical properties of composite ceramics of the AlMgB14–TiB2 system with a variable TiB2 content, obtained by hot pressing the initial batch based on AlMgB14 and TiB2 ceramic powders preliminarily synthesized by the method of self-propagating high-temperature synthesis. It was found that the resulting materials are characterized by a composite structure represented by TiB2 inclusions distributed in the AlMgB14 matrix. The phase composition of the resulting composites is similar to the phase composition of the initial batch, with 5 to 9 wt. % of the MgAl2O4 spinel phase being formed. The microhardness of AlMgB14–TiB2 composites is up to 19.9 GPa (the hardness of AlMgB14 ceramics obtained by a similar method without additives is 7 GPa). The three-point bending strength of AlMgB14–TiB2 composite materials is 309 MPa.