Over the last decade, the next generation’s ultra-high-temperature materials as an alternative to Nickel-based superalloys have been highlighted. Ultra-high-temperature materials based on refractory metals are one of several potential candidates. In particular, molybdenum alloys with small amounts of silicon and boron (Mo-Si-B alloys) have superior properties at high temperature. However, research related to Mo-Si-B alloys were mainly conducted by several developed countries but garnered little interest in Korea. Therefore, in this review paper, we introduce the development history of Mo-Si-B alloys briefly and discuss the properties, particularly the mechanical and oxidation properties of Mo- Si-B alloys. We also introduce the latest research trends of Mo-Si-B alloys based on the research paper. Finally, for domestic research related to this field, we explain why Mo-Si-B alloys should be developed and suggest the potential directions for Mo-Si-B alloys research.