The present study deals with the development and characterization of Mo-35Ti-10Si-2B (wt.%) alloy for high temperature applications. The microstructural characterization using SEM, EDS and EBSD revealed that the alloy consisted of three phases, namely, (Mo, Ti)ss, (Mo, Ti)5SiB2 and (Ti, Mo)5Si3. Particle Induced Gamma-ray Emission (PIGE) method was used for chemical composition analysis of boron. The developed alloy was characterized for mechanical properties, oxidation and tribological behaviour. Elastic Modulus and hardness of all the constituent phases were determined using nanoindentation technique. The alloy exhibited excellent isothermal oxidation resistance at intermediate temperature of 825 °C for 100 h, the temperature at which molybdenum-based alloys exhibit catastrophic oxidation behaviour. The oxide scales were characterized for composition, microstructure and phase by EDS, EBSD, XRD and Raman analysis. Detailed cross-sectional characterization of the oxide scales suggested the evolution of protective duplex oxide scales. Tribological tests were carried out on Mo-10Si-2B-35Ti alloy at 10N, 10 Hz for 30 min in linear reciprocating mode at room temperature using different counter body ball materials of hardened steel, cemented carbide, alumina, and silicon carbide. The co-efficient of friction was found to be dependent strongly on different counter bodies. The mean COF were found to be in the range of 0.20–0.62 for different counter body materials. The dominant wear mechanisms were abrasive and tribochemical reactions.