Tantalum diboride (TaB2) nanoparticles were synthesized through a mechanically induced self-sustaining reaction (MSR). In this method, the ternary system of Mg/Ta2O5/B was employed in which, magnesium was used as a reducing agent for reduction of tantalum oxides in a combustive regime. The processing route of TaB2 by the solid-state combustion was very short-term and the product purification was extremely easy and rapid. The synthesis mechanism was studied and revealed that magnesiothermic reduction of tantalum oxide is the initiator of the total reaction, while borothermic reduction of the oxide may occur in parallel.