The present study deals with the development and characterization of Mo-35Ti-10Si and Mo-35Ti-10Si-2B (wt.%) alloy for ultra-high temperature applications beyond the temperature limit of existing super alloys. The microstructural characterization using scanning electron microscopy (SEM), energy dispersive spectrometry (EDS), electron back scattered diffraction (EBSD), x-ray diffraction (XRD) revealed that the Mo-35Ti-10Si-2B alloy was consisted of three phases, namely, (Mo, Ti)ss, (Mo, Ti)5SiB2 and (Ti, Mo)5Si3; whereas, Mo-35Ti-10Si alloy was found to be consisting of (Mo, Ti)ss, and (Mo,Ti)3Si phases. Since quantification of boron is difficult by EDS, Particle Induced Gamma-ray Emission (PIGE), a nuclear reaction analysis technique was used for chemical composition analysis of boron. The oxidation behavior of the Mo-35Ti-10Si-2B alloy in the temperature regime of 825-1250 °C was studied in detail and compared with boron-free Mo-35Ti-10Si alloy. Mo-35Ti-10Si-2B alloy exhibited superior oxidation behavior at intermediate temperatures of 825 °C, and excellent oxidation resistance at higher temperatures between 1000 and 1250 °C due to the formation of the protective borosilica and double oxide layers (TiO2 and duplex borosilica-TiO2), respectively. High-temperature oxidation mechanisms were discussed using detailed microstructural cross section analysis of the oxidized alloy samples. The micro-mechanical behavior of constitutive phases of the Mo-35Ti-10Si-2B alloy were studied by microhardness, nano-indentation and micropillar compression testing. The micropillar compression of (Mo, Ti)ss phase showed fairly ductile behavior with the evidence of activation of dislocation in the form of slip lines revealed through the post-deformation fractography. Deformation studies of (Mo, Ti)5SiB2 and (Ti, Mo)5Si3 phases were also carried out which showed large strain bursts indicating possibility of activation of dislocation activities even at room temperatures imparting low level of ductility.