A novel Mo-Si-B-TiB2 composite coating was prepared on Nb-Si based ultrahigh temperature alloy by slurry sintering. The effects of TiB2 contents (1, 3, 5 and 10 wt%) on the microstructure and oxidation behavior of Mo-Si-B composite coatings were revealed. The results show that TiB2 modified Mo-Si-B composite coatings display a bilayer structure, in which the outer layer is composed of MoSi2, Mo5Si3 and TiB2 phases, and the inner layer is composed of (Ti,Nb)5Si4, (Nb,X)5Si3 and (Nb,Ti)B2 phases. The added TiB2 particles are evenly distributed in the outer layer of the coatings. By introducing TiB2 into the coating, the service life of Mo-Si-B composite coatings is extended from 50 h to 100 h at 1250 ℃, the oxidation rate of the coating is reduced from 1.62 to 0.02 mg2 cm−4 h−1. This indicates that the addition of appropriate TiB2 effectively slows down the oxidation rate and significantly improves the oxidation resistance of Mo-Si-B composite coatings. The Mo-Si-B composite coating with 3 wt% TiB2 had the lowest mass gain (3.9 mg/cm2) after oxidation at 1250 ℃ for 100 h, and it exhibited the best oxidation resistance. This is attributed to the formation of composite oxide scale with crack-free, good healing ability, suitable levels of differential thermal expansion and low oxygen permeability.