An exothermic reaction between MgB<sub>2</sub> and water was observed in our laboratory at high temperature, although no obvious reaction occurred at room temperature. The reaction process of MgB<sub>2</sub> and water was therefore studied by using microcalorimetry. The results showed that the reaction enthalpies of MgB<sub>2</sub> with water and the formation enthalpies of MgB<sub>2</sub> at <i>T</i> = (323.15, 328.15, 333.15 and 338.15) K are (–313.15, –317.85, –322.09, –329.27) kJ?mol<sup>–1</sup>, and (–238.96, –237.73, –236.50, –234.30) kJ●mol<sup>–1</sup>, respectively. The standard enthalpy of formation and standard molar heat capacity of MgB2 obtained by extrapolation method are –245.11 kJ●mol<sup>–1</sup> and 246 J●mol<sup>–1</sup>●K<sup>–1</sup>, respectively. The values of activation energy <i>E</i>, pre-exponential factor A and the reaction order for the reaction of MgB<sub>2</sub> and water over the temperature range from 323.15 K to 338.15 K are 50.80 kJ●mol<sup>–1</sup>, 10<sup>4.78</sup> s<sup>–1</sup> and about 1.346, respectively. The positive values of Δ<i>G</i><sup>≠</sup> and Δ<i>H</i><sup>≠</sup> and negative value of Δ<i>S</i><sup>≠</sup> indicate that the reaction can take place easily above 314.45 K