The surface property and formation behavior of a boride layer formed on Ni-Cr-Mo steel in a plasma paste boronizing treatment were investigated. The plasma paste boronizing treatment was carried out at 973～1273 K for 1-7 hrs under the gas ratio of Ar:H$_2$ (2:1). The thickness of the boride layer increased with increasing temperature and time in the boronizing treatment. The cross-section of the boride layer was a tooth structure and the hardness was Hv 2000～2500. XRD analysis revealed that the compound was identified as FeB, $Fe_2$B, and mixed phase of FeB/$Fe_2$B in the boride layer formed at 973～1073 K, 1173K, and 1273K, respectively. The Ni-Cr-Mo alloy boronized at 1173-1273 K showed the best excellent wear resistance against the sand. As a results of corrosion test in 1 M $H_2$$SO_4$ solution, $Fe_2$B formed on the matrix alloy exhibited higher corrosion resistance than FeB.