The role of B on the microstructure and magnetism of Zr16Co82.5-xMo1.5Bx ribbons prepared by arc melting and melt spinning is investigated. Microstructure analysis show that the ribbons consist of a hard-magnetic rhombohedral Zr2Co11 phase and a minor amount of soft-magnetic Co. We show that the addition of B increases the amount of hard-magnetic phase, reduces the amount of soft-magnetic Co and coarsens the grain size from about 35 nm to 110 nm. There is a monotonic increase in the volume of the rhombohedral Zr2Co11 unit cell with increasing B concentration. This is consistent with a previous theoretical prediction that B may occupy a special type of large interstitial sites, called interruption sites. The optimum magnetic properties, obtained for x = 1, are a saturation magnetization of 7.8 kG, a coercivity of 5.4 kOe, and a maximum energy product of 4.1 MGOe.