Properties such as high melting point, extreme hardness, strength, chemical stability, high electrical conductivity, high wear resistance and high oxidation resistance at very high temperatures made metal borides commercially very attractive materials. The aim of the present study is to produce of zirconium diboride (ZrB₂) and other metal borides by magnesiothermic reduction with volume combustion synthesis (VCS) and mechanochemical processing (MCP). Mixtures of metal oxide, boron oxide and magnesium mixtures are used as the starting materials. In VCS, metal borides are formed after ignition of the reactant mixture in a preheated pot furnace under argon atmosphere. In MCP, starting materials are loaded into a high-energy planetary ball mill in a controlled atmosphere and mechanically activated. The desired products are formed either during milling or during heating the reactants in a furnace after mechanical activation.