Cutting tools have long been coated with an AlCrN hard coating system that has good mechanical and tribological qualities. Boron (B) and vanadium (V) additions to AlCrN coatings were studied for their mechanical and tribological properties. Cathodic multi-arc evaporation was used to successfully manufacture the AlCrBN and AlCrVN coatings. These multicomponent coatings were applied to the untreated and plasma-nitrided surfaces of HS6-5-2 and H13 steels, respectively. Nanoindentation and Vickers micro-hardness tests were used to assess the mechanical properties of the materials. Ball-on-flat wear tests with WC-Co balls as counterparts were used to assess the friction-wear capabilities. Nanoindentation tests demonstrated that AlCrBN coating has a higher hardness (HIT 40.9 GPa) than AlCrVN coating (39.3 GPa). Steels’ wear resistance was significantly increased by a hybrid treatment that included plasma nitriding and hard coatings. The wear volume was 3% better for the AlCrBN coating than for the AlCrVN coating on H13 nitrided steel, decreasing by 89% compared to the untreated material. For HS6-5-2 steel, the wear volume was almost the same for both coatings but decreased by 77% compared to the untreated material. Boron addition significantly improved the mechanical, tribological, and adhesive capabilities of the AlCrN coating.