This paper reports the results of investigation on densification, microstructural evolution, mechanical properties and oxidation study of CrB₂ + EuB₆ composite. CrB₂ + EuB₆ (10 and 20 wt.%) composites have been fabricated by hot pressing at a temperature of 1700 ^oC and 35 MPa pressure. The hardness and flexural strength were measured in the range of 21.25-24.48 GPa and 171-199 MPa, respectively. The fracture toughness increased from 3.3 to 4.01 MPa m^1/2 by the addition of 20% EuB₆. Microstructural evolution revealed the uniform distribution of EuB6 and absence of any reaction product. Fracture surface analysis confirmed the presence of transgranular mode of fracture. Oxidation study at 1200 ^oC revealed that the developed composites have good oxidation resistance and followed the parabolic rate of oxidation.