In this study, four composites with different ZrB2 content were made by the Spark Plasma Sintering (SPS/FAST) technique. The sintering process was carried out at 1373 K for 5 min under an argon atmosphere. The effect of ZrB2 reinforcing phase content on the density, microstructure, and mechanical and tribological properties of composites was investigated. The results were compared with experimental data obtained for 316L austenitic stainless steel without the reinforcing phase. The results showed that the ZrB2 content significantly affected the tested properties. With the increasing content of the ZrB2 reinforcing phase, there was an increase in the Young’s modulus and hardness and an improvement in the abrasive wear resistance of sintered composites. In all composites, new fine precipitates were formed and distributed in the steel matrix and along the grain boundaries. Microstructural analysis (Scanning Electron Microscopy (SEM), Wavelength Dispersive Spectroscopy (WDS)) has revealed that the fine precipitates chromium contained chromium as well as boron.