This work focused on the microstructure and mechanical properties of (Mo, Hf)N coatings deposited by radio frequency reactive magnetron co-sputtering technique with input power modulation. The coating characteristics, including indentation hardness, modulus, and tribological behavior, were discussed in terms of deposition parameter, composition, phase, and microstructure. The (Mo, Hf)N thin films were fabricated at a fixed Ar/N2 inlet gas ratio of 12/8 sccm/sccm and modulated input powers. The input power of Mo was fixed at 150 W, while that of the Hf target was managed from 25 to 200 W. The deposition rate and the Hf content of the (Mo, Hf)N coatings increased with input power. The (Mo, Hf)N ternary nitride coatings showed a polycrystalline microstructure with B1-MoN(111), β-Mo2N (112), γ-Mo2N(111), (200), and MoN2(200) phases in X-ray diffraction patterns as input power modulation were 150/25 to 150/100 W/W. The multiple phase microstructure feature and detail crystal development were demonstrated through transmission electron microscopy. According to nanoindentation and wear test results, ternary (Mo, Hf)N coatings represented more improved mechanical characteristics than the MoN and HfN binary nitride films. The 150/100 W/W deposited (Mo, Hf)N coating exhibited a highest hardness of 22.5 GPa when Hf content was at 5.6 at.%. The superior anti-wear behavior of this film with least wear damage was observed as well. The multiphase and solid-solution strengthening of the (Mo, Hf)N coatings, i.e., a microstructure feature of mixed B1-MoN, β-Mo2N, γ-Mo2N, and MoN2 phases and Hf doping in MoN, were the responsible for the superior mechanical and tribological behavior for the (Mo, Hf)N coatings.