In-situ formation of boron thin films on the Mo(110) surface, as well as the formation of the molybdenum boride and its oxide and the trends of carbon monoxide catalytic oxidation on the substrates formed, have been studied in an ultra-high vacuum (UHV) by a set of surface-sensitive characterization techniques: Auger and X-ray photoelectron spectroscopy (AES, XPS), low-energy ion scattering (LEIS), reflection-absorption infrared spectroscopy (RAIRS), temperature-programmed desorption (TPD), electron energy loss spectroscopy (EELS) and work function measurements using the Anderson method. The boron deposited at Mo(110) via electron-beam deposition at a substrate temperature of 300 K grows as a 2D layer, at least in submonolayer coverage. Such a film is bound to the Mo(110) via polarized chemisorption bonds, dramatically changing the charge density at the substrate surface manifested by the Mo(110) surface plasmon damping. Upon annealing of the B-Mo(110) system, the boron diffuses into the Mo(110) bulk following a two-mode regime: (1) quite easy dissolution, starting at a temperature of about 450 K with an activation energy of 0.4 eV; and (2) formation of molybdenum boride at a temperature higher than 700 K with M-B interatomic bonding energy of 3.8 eV. The feature of the formed molybdenum boride is that there is quite notable carbon monoxide oxidation activity on its surface. A further dramatic increase of such an activity is achieved when the molybdenum boride is oxidized. The latter is attributed to more activated states of molecular orbitals of coadsorbed carbon monoxide and oxygen due to their enhanced interaction with both boron and oxygen species for MoxByOz ternary compound, compared to only boron for the Mox’By’ double alloy.