The macrokinetic characteristics of combustion of the quaternary Ti-Zr-B-C mixture as well as the mechanism and stages of phase formation for the synthesis products were investigated. The mechanical and thermophysical properties of the hot-pressed boride/carbide ceramics with eutectic composition (Ti,Zr)B2-43%at.(Zr,Ti)C were measured. Preliminary mechanical alloying (MA) of the (Zr + Ti) mixture was shown to yield Ti/Zr granules having a laminar structure and consisting of alternating layers of titanium, zirconium, and (Zr,Ti)ss solid solution. The method used to prepare reaction mixtures and the initial temperature T0 increased within the range of 20–370 °C have virtually no effect on combustion temperature, which is 2260–2400 °C, while higher T0 increases the combustion rate by a factor of 1.5–2. The use of MA Ti/Zr granules reduces the combustion rate as well as the specific heat release amount and the heat release rate. Time-resolved X-ray diffraction data showed that binary carbides (Zr1-xTix)C and diborides (Ti1-yZry)B2 of variable stoichiometry are formed in the combustion wave of the Ti-Zr-B-C reaction mixtures within less than 0.25 s. The carbide and diboride phases are formed simultaneously; the use of MA Ti/Zr granules in the reaction mixtures reduces the content of solid solutions of variable stoichiometry among the reaction products. The ceramics fabricated using a combination of combustion synthesis and hot pressing have a dense and homogeneous structure that consist of bonded grains of the diboride (Ti0.80Zr0.20)B2 and carbide (Zr0.83Ti0.17)C phases having the following properties: density, 5.3 g/cm3; hardness, 22.9 GPa; fracture toughness, 4.7 MPa m0.5; heat capacity, 0.52 J/(g·K); thermal diffusivity, 11.67 mm2/s; and thermal conductivity, 33.28 W/(m·K).