MoAlB as a typical member of MAB phases has attracted much-growing attention due to its unique properties. However, the low production of MoAlB powders limits its further development and potential applications. In the present work, the ultra-fast preparation of high-purity MoAlB powders in a few seconds is achieved by self-propagating high-temperature synthesis (SHS) using a raw powder mixture at an atomic ratio of Mo : Al : B = 1 : 1.3 : 1. SHS reaction mechanism is obtained by analyzing the corresponding composition changes of starting materials. Furthermore, the thermodynamic prediction for the SHS reaction is consistent with the present experiments, where the preparation of MoAlB also conforms to two common self-propagating conditions of the SHS. The enthalpy vs. temperature curve shows that the adiabatic temperature of the reaction decreases with the amount of excuse Al increasing but increases when pre-heating the reactants. Also, this thermodynamic calculation provides a new idea for the preparation of other MAB phases by the SHS.