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In this work, the microstructure, alloying element distribution, and borocarbide mechanical properties of high-boron multi-component alloy with Fe-2.0 wt.%B-0.4 wt.%C-6.0 wt.%Cr-x wt.%Mo-1.0%Al-1.0 wt.%Si-1.0 wt.%V-0.5 wt.%Mn (x = 0.0, 2.0, 4.0, 6.0, 8.0) are investigated. The theoretical calculation results and experiments indicate that the microstructure of high-boron multi-component alloy consists of ferrite, pearlite as a matrix and borocarbide as a hard phase. As a creative consideration, through the use of first-principles calculations, the comprehensive properties of borocarbide with different molybdenum concentrations have been predicted. The calculations of energy, state density, electron density and elastic constant of Fe2B crystal cell reveal that substitution of the molybdenum atom in the Fe2B crystal cell can remarkably improve its thermodynamic stability, bond strength, and covalent trend. For verifying the accuracy of this theoretical calculation, nano-indentation testing is carried out, the results of which indicate that the actual properties of borocarbide present favorable consistency with the theoretical calculations. [ABSTRACT FROM AUTHOR]