This study reports on the synthesis of hafnium diboride (HfB2)‐based nanofibers via electrospinning of polyhafnoxanesal (PHO)‐based solution followed by pyrolyzing hafnium‐boron containing polyvinylpyrrolidone precursor fibers by a moderate heat treatment at 1500°C under argon atmosphere. The influence of the molar ratios of C/Hf and B/Hf in preceramic polymer method is investigated on the final phase of HfB2‐based nanofibers. Structural, thermal, microstructural, and physical properties of the hafnium‐based fibers are evaluated using Fourier transform infrared spectra (FTIR), thermogravimetry and differential scanning calorimetry (TG/DSC), X‐ray diffractometer (XRD), high‐temperature X‐ray diffraction (HT‐XRD), field‐emission scanning electron microscope/energy‐dispersive spectrometer (FE‐SEM/EDS), and Brunauer‐Emmett‐Teller (BET). The results unveiled that the acidic pH was the optimal condition needed for obtaining the single phase of HfB2 nanofibers. The precursor fibers with the stoichiometric ratio of 1:4:5 of Hf:B:C prepared under the acidic conditions converted into pure HfB2 nanofibers having rough and porous surface after pyrolysis at 1500°C for 2 hour in argon, whereas HfB2‐HfC composite nanofibers with smooth surface were produced in the neutral conditions. The HfB2 nanofibers with a mean diameter of ~100 nm prepared under the acidic conditions showed a higher specific surface area compared to HfB2‐HfC composite nanofibers with a diameter of ~121 nm derived in the neutral conditions.