Zirconium diboride (ZrB2) and mixed diboride of (Zr0.7Ta0.3)B2 containing 30 vol.% silicon carbide (SiC) composites were prepared by hot-pressing at $1800^{circ}C$. XRD analysis identified the high crystalline metal diboride-SiC composites at $1800^{circ}C$. The TaB2 addition to ZrB2-SiC showed a slight peak shift to a higher angle of 2-theta of ZrB2, which confirmed the presence of a homogeneous solid solution. Elastic modulus, hardness and fracture toughness were slightly increased by addition of TaB2. A volatility diagram was calculated to understand the oxidation behavior. Oxidation behavior was investigated at $1500^{circ}C$ under ambient and low oxygen partial pressure (pO2~10-8 Pa). In an ambient environment, the TaB2 addition to the ZrB2-SiC improved the oxidation resistance over entire range of evaluated temperatures by formation of a less porous oxide layer beneath the surface SiO2. Exposure of metal boride-SiC at low pO2 resulted in active oxidation of SiC due to the high vapor pressure of SiO (g), and, as a result, it produced a porous surface layer. The depth variations of the oxidized layer were measured by SEM. In the ZrB2-SiC composite, the thickness of the reaction layer linearly increased as a function of time and showed active oxidation kinetics. The TaB2 addition to the ZrB2-SiC composite showed improved oxidation resistance with slight deviation from the linearity in depth variation.