Zirconium boride is an artificial or which is rarely found in the nature. $ZrB_2$ is popular in the hard material industry because it has a high melting point, excellent mechanical properties and chemical stability. There are two known methods to synthesize $ZrB_2$. The first involves direct reaction between Zr and B, and the second is by reduction of the metal halogen. However, these two methods are known to be unsuitable for mass production. SHS(Self-propagating High-temperature Synthesis) is an efficient and economic method for synthesizing hard materials because it uses exothermic reactions. In this study, $ZrB_2$ was successfully synthesized by subjecting $ZrO_2$, Mg and $B_2O_3$ to SHS. Because of the high combustion temperature and rapid combustion, in conjunction with the stoichiometric ratio of $ZrO_2$, Mg and $B_2O_3$; single phase $ZrB_2$ was not synthesized. In order to solve the temperature problem, Mg and NaCl additives were investigated as diluents. From the experiments it was found that both diluents effectively stabilized the reaction and combustion regime. The final product, made under optimum conditions, was single-phase $ZrB_2$ of $0.1-0.9{mu}m$ particle size.