The　effects　of　titanium　and　nitrogen　elements　on　the　microstructure　and　impact　toughness　of　the　Fe-B　alloy　have　been　studied.　The　results　show　that　the　borides　are　refined　after　the　additions　of　titanium　and　nitrogen　elements.　With　the　additions　of　titanium　and　nitrogen,　titanium　nitrides　are　formed　in　the　Fe-B　alloy.　Titanium　nitride　can　act　as　effective　heterogeneous　nuclei　of　primary　austenite,　and　promote　the　refinement　of　austenite　and　boride.　After　heat　treatment,　the　impact　toughness　of　Fe-B　alloys　modified　by　titanium　and　nitrogen　elements　is　higher　than　that　of　ordinary　alloy.