Binary transition metal borides have an important application prospect in aerospace field because of their high melting point, high hardness and high thermal conductivity, but their intrinsic brittleness and poor oxidation resistance seriously restrict their high temperature application in extreme environment. MAB phase is a new ternary transition metal boride obtained by introducing IIIA and IVA atoms into binary boride cells, which shows many excellent properties like ceramics and metals. In all the MAB phases, MoAlB has become the research focus due to its excellent fracture toughness, oxidation resistance, damage tolerance and machinability. Thus, the preparation methods and some basic properties of the MoAlB powder, bulk and coating, including physicochemical properties, mechanical properties, friction and high temperature oxidation resistance, were summarized in this paper. Additionally, the modification method and mechanism of MoAlB materials were discussed in order to clarify the key problems and possible solutions in the preparation and application of MoAlB materials, and the potential application fields of MoAlB materials were also presented.