To enhance the properties of tungsten diboride, we have synthesized and characterized solid solutions of this material with chromium, molybdenum, rhenium and zirconium. The obtained materials were subsequently deposited as coatings. Various concentrations of these transition metal elements, ranging from 0.0 to 24.0 at.%, on a metals basis, were made. Spark plasma sintering was used to synthesize these refractory compounds from the pure elements. Elemental and phase purity of both samples (sintered compacts and coatings) were examined using energy dispersive X-ray spectroscopy and X-ray diffraction. Microindentation was utilized to measure the Vickers hardness. X-ray diffraction results indicate that the solubility limit is below 8 at.% for Mo, Re and Zr and below 16 at.% for Cr. Above this limit both diborides (W,TM)B2 are created. Addition of transition metals caused decrease of density and increase of hardness and electrical conductivity of sintered compacts. Deposited coatings W1−xTMxBy (TM = Cr, Mo, Re, Zr; x = 0.2; y = 1.7–2) are homogenous, smooth and hard. The maximal hardness was measured for W-Cr-B films and under the load of 10 g was 50.4 ± 4.7 GPa. Deposited films possess relatively high fracture toughness and for WB2 coatings alloyed with zirconium it is K1c = 2.11 MPa m1/2.