The effect of reductants (Ti, Si, Al, Mn, Fe) addition into molten Borax has been studied on oxidation resistance and the growth of boronized layer formed during electro-boronizing on the substrate such as carbon steel and STS 430. Experiments have been carried out at the current density of 0.5 A/$cm^2$ and in temperature range of 600~$1000^{circ}C$ for 1~5 hours. The penetrated depth of the boron increased with addition of reductants (Ti, Si, Al) and decreased with addition of Mn and Fe. But excessive addition of reductants inhibited the boronizing due to an increase in viscosity of electrolyte. Oxidation resistance of the boronized carbon steel was improved but that of the boronized STS 430 decreased.