The magnetic properties of polycrystalline Tb(CoxNi1−x)2B2C (x = 0.2, 0.4, 0.6, 0.8) samples were probed by magnetization, specific heat, ac susceptibility, and resistivity techniques. For x = 0.4, the obtained curves are consistent with the features expected for the corresponding magnetic modes, namely k1 = (0.55, 0, 0) at x = 0; k2 = ( 1 /2, 0, 1 /2) at x = 0.2; k3 = (0, 0, 1 /3) at x = 0.6, and k4 = (0, 0, 0) at x = 0.8 and 1. For x = 0.4, even though the neutron diffraction indicates a k2 mode, but with a reduced magnetic moment, the magnetization, the ac susceptibility, and resistivity indicate two magnetic events; furthermore, deviation from Curie-Weiss behavior is observed below 150 K for this sample. These features, together with the evolution of both magnetic moment and critical temperature, are attributed to an interplay between competing magnetic couplings; for the particular x = 0.4 case, additional factors such as crystalline electric field effects may be in operation.