Zirconium diboride (ZrB 2 ) is a typical ultra-high temperature ceramic material (UHTC). In this work, the preparation of ZrB 2 by reducing zirconia (ZrO 2 ) with calcium hexaboride (CaB 6 ) was studied in detail. With the assistance of molten salt, the reduction rate was dramatically enhanced. Additionally, the results showed that ZrB 2 products with different particle shapes were prepared by changing the type of molten salt (NaCl, KCl, MgCl 2 , and CaCl 2 ). However, the particle size of products could not be properly refined when nano-ZrO 2 was used as the raw material. During the process of reducing ZrO 2 by CaB 6 , B 2 O 3 could be formed, which would cause the loss of B source. To decrease the consumption of CaB 6 , Ca-assisted reduction was performed, and monophase ZrB 2 was obtained. The varied morphologies of ZrB 2 particles obtained by Ca-assisted reduction were the result of complex reaction mechanisms.