The difference in mechanical properties between the TiB2 coating and the Ti6Al4V substrate can deteriorate the wear resistance of the TiB2 coating. To enhance the TiB2-based coating’s ability to deform in coordination with the ductile Ti6Al4V substrate and improve its tribological performance, the TiB2/Cr multilayer coatings were designed and deposited on Ti6Al4V substrates by magnetron sputtering. Results reveal that the FEM stress distribution of the TiB2/Cr multilayer coatings was optimized by varying the ceramic–metal thickness ratio (Q). As Q decreased from 1.0 to 0.5, the fracture toughness and adhesion strength of the coatings improved. The multilayer coating with Q = 0.5 exhibited the best toughness, crack propagation resistance (CPRs), and the smallest equivalent stress area, leading to a threefold enhancement in wear resistance compared to the TiB2 monolayer coating. However, further reduction of Q to 0.3 diminished wear resistance due to low hardness and significant stress concentration. Thus, there is an optimal balance between hardness, toughness, and stress distribution for achieving improved wear resistance in the multilayer design. Moreover, a notable correlation was observed between CPRs and the wear resistance of TiB2/Cr multilayer coatings.