Titanium alloys and composites are of great interest for a wide variety of industrial applications; however, most of them suffer from poor tribological performance, especially at elevated temperatures. In this study, spark plasma sintering was utilized to produce a fully dense and thermodynamically stable TiB–Ti composite with a high content of ceramic phase (88 wt.%) from self-propagating high temperature synthesized (SHS) powders of commercially available Ti and B. Microstructural examination, thermodynamic assessments, and XRD analysis revealed the in situ formation of titanium borides with a relatively broad grain size distribution and elongated shapes of different aspect ratio. The composite exhibits a considerable hardness of 1550 HV30 combined with a good indentation fracture toughness of 8.2 MPa·m^1/2. Dry sliding wear tests were performed at room and elevated temperature (800 °C) under 5 and 20 N sliding loads with the sliding speed of 0.1 m·s⁻¹ and the sliding distance of 1000 m. A considerable decline in the coefficient of friction and wear rate was demonstrated at elevated temperature sliding. Apart from the protective nature of generated tribo-oxide layer, the development of lubricious boric acid on the surface of the composite was wholly responsible for this phenomenon. A high load bearing capacity of tribo-layer was demonstrated at 800 °C test.