Transition metal diborides (TMB₂) are a promising family of materials to be applied as protective coatings in several high-performance applications owing to their high melting point, chemical inertness and outstanding mechanical properties [1]. Among them, CrB₂ exhibits attractive aggregate of properties as good wear resistance, high thermal conductivity and corrosion resistance. However, it suffers rapid oxidation above 600 °C by forming non-protective scales [2]. In this study, we explored the alloying of CrB₂ with secondary TM-silicide phases (TM = Cr, Mo) and investigated the role of the TMSi₂ alloying phases on the phase formation, oxidation behavior and mechanical properties of these coatings. We employed direct current magnetron sputtering (DCMS) technique to synthesize alloyed Cr-(TM)-Si-B coatings from compound targets of CrB₂/MoSi₂ and CrB₂/CrSi₂ providing different compositions. The oxidation kinetics of these coatings have been investigated up to 1400 °C. The alloyedcoatings were analyzed in terms of phase formation and stability, chemical composition, as well as mechanical properties using diverse high-resoultion characterization techniques.