Mechanical and tribological properties of hard coatings can be enhanced using boron as alloying element. Therefore, multicomponent nanostructured boron based hard coatings are deposited on cutting tools by different methods at different parameters. Different mechanical and tribological properties are obtained after deposition, and it is a difficult task to select the best coating material. In this paper, therefore, a systematic evaluation model was proposed to tackle the difficulty of the material selection with specific properties among a set of available alternatives. The alternatives consist of multicomponent nanostructured TiBN, TiCrBN, TiSiBN and TiAlSiBN coatings deposited by magnetron sputtering and ion implantation assisted magnetron sputtering at different parameters. The alternative coating materials were ranked by using three multi-criteria decision-making (MCDM) methods, i.e. EXPROM2 (preference ranking organization method for enrichment evaluation), TOPSIS (technique for order performance by similarity to ideal solution) and VIKOR (VIšekriterijumsko KOmpromisno Rangiranje), in order to determine the best coating material for cutting tools. Hardness (H), Young’s modulus (E), elastic recovery, friction coefficient, critical load, H/E and H3/E2 ratios were considered as material selection criteria. In order to determine the importance weights of the evaluation criteria, a compromised weighting method, which composes of the analytic hierarchy process and Entropy methods, were used. The ranking results showed that TiBN and TiSiBN coatings deposited at given parameters are the best coatings for cutting tools.