Hot-dip galvanizing has been used for anti-corrosion of various steel products; however, the corrosion of molten zinc in the galvanizing industry is the key problem to be solved. Three kinds of Mo–B–Co–Cr, Mo–B–Ni–Cr, and Ti–B–Co–Cr mixture powders were deposited on the surface of a 316L stainless-steel substrate by a HVOF spraying method to prepare MoB/CoCr, MoB/NiCr, and TiB/CoCr coatings. The microstructure, mechanical properties, abrasive wear, and corrosion behavior in molten zinc of the in situ synthesized boride-based coatings were investigated. The experimental results showed that MoB/NiCr coating with a denser microstructure had the lowest porosity (0.811%). The in situ synthesized boride-phase compositions of MoB/CoCr, MoB/NiCr, and TiB/CoCr coatings were CoMoB and CoMo2B2, NiMo2B2, and TiB2, respectively. The MoB/NiCr coating had the highest boride content among the coatings. The presence of binary (TiB2) or ternary boride phases (CoMoB, CoMo2B2, and NiMo2B2) with their excellent mechanical properties could obviously increase the microhardness values in the coatings. The in situ synthesized borides in the coatings also could improve the wear resistance properties; MoB/NiCr coating with shallower grooves and smaller craters/pits had the smoothest worn surface and the lowest weight loss (6.8 ± 0.84 mg) among the coatings. After immersion test in molten zinc for 360 h, no presence of zinc or intermetallic compounds in the three kinds of the coatings (MoB/CoCr, MoB/NiCr, and TiB/CoCr), and the element compositions of the three kinds of coatings after the immersion test were the same as the as-sprayed coatings. Compared to the other coatings, MoB/NiCr coatings had the higher durability in molten zinc.