Titanium diboride (TiB₂) composite with MoSi₂ and CrB₂ has been prepared and tested to possess excellent oxidation resistance. Dense composite pellets were fabricated by hot pressing of powder mixtures. Microstructural characterization was carried out by XRD and SEM. Hardness and fracture toughness values were measured.  Extensive oxidation studies of the composites were also carried out. Density of ≥96% ρth was obtained by hot pressing at 1800 °C under a pressure of 35 MPa for 1 h. Hardness and fracture toughness were in the range of 18–24 GPa and 3.5–4 MPa·m^1/2 respectively. Crack branching, deflection and bridging mechanisms were observed in the crack propagation paths. Isothermal and continuous oxidation studies of these composites up to 1000 °C showed improved oxidation resistance with the formation of protective glassy layer. TiO₂, Cr₂O₃ and SiO₂ phases were identified on the oxidized surface. Diffusion controlled mechanism of oxidation was observed in the composites.