The objective of this study is to investigate the impact behavior of iron-based composites reinforced with boron carbide (B4C) particles and in-situ synthesized iron borides (Fe2B/FeB). The composite specimens (Fe/B4C) were fabricated by hot-pressing under a pressure of 250 MPa at 500 °C, and sintered at a temperature of 1000 °C. The effects of the reinforcement ratio on the formation of in-situ borides and impact behavior were investigated by means of different volume fractions of B4C inside the iron matrix: 0% (un-reinforced), 5%, 10%, 20%, and 30%. Drop-weight impact tests were performed by an instrumented Charpy impactor on reinforced and un-reinforced test specimens. The results of the impact tests were supported with microstructural and fractographical analysis. As a result of in-situ reactions between the Fe matrix and B4C particles, Fe2B phases were formed in the iron matrix. The iron borides, formed in the iron matrix during sintering, heavily affected the hardness and the morphology of the fractured surface. Due to the high amount of B4C (over 10%), porosity played a major role in decreasing the contact forces and fracture energy. The results showed that the in-situ synthesized iron boride phases affect the impact properties of the Fe/B4C composites.