A boron carbide coating was applied to diamond particles by heating the particles in a powder mixture consisting of H3BO3, B and Mg. The composition, bond state and coverage fraction of the boron carbide coating on the diamond particles were investigated. The boron carbide coating prefers to grow on the diamond (100) surface than on the diamond (111) surface. A stoichiometric B4C coating completely covered the diamond particle after maintaining the raw mixture at 1200 °C for 2 h. The contribution of the boron carbide coating to the oxidation resistance enhancement of the diamond particles was investigated. During annealing of the coated diamond in air, the priory formed B2O3, which exhibits a self-healing property, as an oxygen barrier layer, which protected the diamond from oxidation. The formation temperature of B2O3 is dependent on the amorphous boron carbide content. The coating on the diamond provided effective protection of the diamond against oxidation by heating in air at 1000 °C for 1 h. Furthermore, the presence of the boron carbide coating also contributed to the maintenance of the static compressive strength during the annealing of diamond in air.