Due to their unique properties, tungsten borides are good candidates for the industrial applications where certain features such as high hardness, chemical inertness, resistance to high temperatures, thermal shock and corrosion. In this study, conditions were investigated for producing tungsten boride powder from tungsten oxide($WO_3$) by self-propagating high-temperature synthesis (SHS) followed by HCl leaching techniques. In the first stage of the study, the exothermicity of the $WO_3$-Mg reaction was investigated by computer simulation. Based on the simulation experimental study was conducted and the SHS products consisting of borides and other compounds were obtained starting with different initial molar ratios of $WO_3$, Mg and $B_2O_3$. It was found that $WO_3$, Mg and $B_2O_3$ reaction system produced high combustion temperature and radical reaction so that diffusion between W and B was not properly occurred. Addition of NaCl and replacement of $B_2O_3$ with B successfully solved the diffusion problem. From the optimum condition tungsten boride($W_2B$ and WB) powders which has 0.1~0.9 um particle size were synthesized.