Microarc oxidation coatings incorporated with B4C and C particles were prepared on Mg-Li alloy. The influence of combined B4C/C particles on the microstructure and properties of microarc oxidation coatings was investigated. Results show that B4C and C particles are successfully integrated into the coating where B4C partially blocks the micropores and C particles form bulges on the surface. The composite B4C/C particles contribute to increasing the thickness and decreasing the porosity of the coating, thus maintaining the corrosion resistance together with a significant increase in the wear resistance of the coating. It is mainly attributed to the high hardness of B4C particles and the lubrication of C particles in the coating. The composite addition of particles to the microarc oxidation electrolyte is an effective method to enhance the coating properties.