Thin‐film materials libraries (MLs) in the system Cr–Al–B are synthesized on 100 mm diameter Al2O3 sapphire substrates by combinatorial co‐sputtering from elemental targets at substrate temperatures of 600 and 700 °C to study phase formation of MAB phases (M = transition metal, A = A‐group element, B = boron). The formation of a mixture of two MAB phases Cr2AlB2 and Cr3AlB4 on the larger part of the ML prepared at 700 °C is observed by X‐ray diffraction and cross‐sectional transmission electron microscopy (TEM). Anisotropic growth of large grains of the MAB phases extending throughout the entire film thickness is revealed. Depending on the composition, the microstructure shows different levels of porosity and grain interlinkage. Imaging in the high‐resolution TEM mode identifies regions with Cr2AlB2, Cr3AlB4, and intermixed Cr2AlB2 and Cr3AlB4 atomic stacking sequences. Additional to the structural properties, electrocatalytic activity toward the alkaline hydrogen evolution reaction is measured. Higher activities are linked to crystalline MAB‐phase areas, further enhanced by increased porosity of the film which enlarges the surface area and the exposure of the active (010) planes.