Metal borides have received a lot of attention recently as a potentially useful material for a wide range of applications. In particular, molybdenum‐based borides and MBenes are of great significance, due to their remarkable properties like good electronic conductivity, considerable stability, high surface area, and environmental harmlessness. Therefore, in this article, the progress made in molybdenum‐based borides and MBenes in recent years is reviewed. The first step in understanding these materials is to begin with an overview of their structural and electronic properties. Then synthetic technologies for the production of molybdenum borides, such as high‐temperature/pressure methods, physical vapor deposition (PVD), chemical vapor deposition (CVD), element reaction route, molten salt‐assisted, and selective etching methods are surveyed. Then, the critical performance of these materials in numerous applications like energy storage, catalysis, biosensors, biomedical devices, surface‐enhanced Raman spectroscopy (SERS), and tribology and lubrication are summarized. The review concludes with an analysis of the current progress of these materials and provides perspectives for future research. Overall, this review will offer an insightful reference for the understanding molybdenum‐based borides and their development in the future.