At present, high-entropy alloy coating reinforced by addition of the principal elements has gained increasing attention for their mechanical property and wear and corrosion resistance. In this study, AlCoCrFeNi and AlCoCrFeNiB high-entropy alloy coatings were fabricated using HVOF spraying. The effects of boron addition on the microstructure, phase structure, hardness, wear and corrosion resistance of AlCoCrFeNi high-entropy alloy coating were investigated, and the wear mechanisms were studied. The results show that the addition of boron refines the microstructure of the coating, increases lattice distortion, promotes the formation of the Cr2B phase, reduces porosity, causes a shift in the BCC phase, decreases the diffraction peak intensity, and increases hardness. Furthermore, adding boron to the AlCoCrFeNi high-entropy alloy coating results in a decrease in the coefficient of friction and wear rate, changes the wear mechanism, and improves its wear resistance. Additionally, the AlCoCrFeNiB high-entropy alloy coating has higher corrosion potential and lower corrosion current density, thereby enhancing its corrosion resistance.