In this article, a newly developed MoB-CoCr alloy coating was deposited on 316L stainless steel substrate by high velocity oxy-fuel thermal spraying process. The microstructures and interfacial adhesion of the alloy coating were determined by scanning electron microscopy, X-ray diffraction and three-point bending. The results show that the coating consisted of ternary transition metal boride matrix phases (CoMo 2 B 2 , CoMoB) and a little amount of binary borides (MoB and CrB), the former composed of partially amorphous phase. The formation of the amorphous phase was attributed to the high cooling rates of molten droplets and the proper powder compositions. In the interfacial adhesion measurement, the delamination of the coating is induced during the three-point bending test, and the interfacial fracture toughness is analyzed using a finite element analysis model. The critical load is determined by comparing the load versus deflection curves obtained by finite element analysis under assumed no crack conditions with the experimental data, and other inputs are determined by test.