CrAlN and CrAlBN coatings were prepared on the surface of high-speed steel and shaper cutter by physical vapor deposition (PVD) technique using arc ion source. In the process of coating preparation, the adhesive layers were deposited by low bias voltage (−40 V) and the working layers are deposited by high bias voltage (−130 V). The effects of the addition of B element on the microstructure, hardness, elastic modulus and wear resistance of CrAlBN coating were studied. The results show that B element and its compounds exist in amorphous form in the coating, resulting in lattice distortion of the coating, increase of coating hardness to 37.1 GPa, and decrease of elastic modulus to 406.2 GPa. The addition of B element increases the uniformity of the columnar structure distribution and decreases the width of the columnar structure and grain size. The resistance to elastic deformation and plastic deformation of CrAlBN coating is improved, the wear resistance is improved. The performance of CrAlN and CrAlBN coatings on shaper cutter was studied. It was found that the main failure mode of shaper cutters is boundary wear and the wear mechanism of coatings had changed obviously. CrAlBN coating is mainly due to fatigue induced failure, accompanied by some diffusion wear. The addition of B element makes the CrAlBN coating have excellent resistance to oxidative wear, abrasive wear and diffusion wear during cutting. The results show that the addition of B element can improve the microstructure and mechanical properties of CrAlN coating, and the preparation of CrAlBN coating on the surface of the shaper cutter can significantly improve the service life of the coated shaper cutter, which has significance for the development of the shaper cutter industry.