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This work investigated the microstructure and mechanical property of high-boron multi-component alloy with Fe, B, C, Cr, Mo, Al, Si, V, Mn and different contents of Ti. The results indicate that the as-cast metallurgical microstructure of high-boron multi-component alloys consist of ferrite, pearlite and borocarbide. In an un-modified alloy, continuous reticular structure of borocarbide is observed. After titanium addition, the structure of borocarbide changes into a fine and isolated morphology. TiC is the existence form of titanium in the alloy, which acts as the heterogeneous nuclei for eutectic borocarbide. Moreover, impact toughness of the alloy is remarkably improved by titanium modification.