We review the current development status of Mo-Si-B alloys consisting of Mo solid solution and the intermetallic phases Mo3Si and Mo5SiB2 which could take advantage of the beneficial oxidation resistance of the silicide phases and of the outstanding mechanical properties of molybdenum. For adequate low temperature toughness a continuous Mo solid solution matrix should be established in the microstructure. Besides, wrought processing of such alloys at elevated temperatures requires the presence of an ultra-fine grained (UFG) microstructure. Both the prerequisites can be fulfilled using mechanical alloying (MA) as the crucial processing step which even yields nanostructured supersaturated powders after milling. However, values for the ductile-to-brittle transition temperature (DBTT) close to room temperature are unlikely due to grain boundary embrittlement by Si segregation. The possibility of reducing this segregation tendency by various micro-alloying additions will be demonstrated. Finally, the high temperature deformation behaviour of these UFG materials will be comparatively assessed against state-of-the-art Nickelbase single-crystalline superalloys.