Fluorine (F) and boron (B) co-doped diamond-like carbon (FB-DLC) films were prepared on different substrates by the plasma immersion ion processing (PIIP) technique. A pulse glow discharge plasma was used for the PIIP deposition and was produced at a pressure of 1.33 Pa from acetylene (C2H2), diborane (B2H6), and hexafluoroethane (C2F6) gas. Films of FB-DLC were deposited with different chemical compositions by varying the flow ratios of the C2H2, B2H6, and C2F6 source gases. The incorporation of B2H6 and C2F6 into PTIP deposited DLC resulted in the formation of F-C and B-C hybridized bonding structures. The levels of the F and B concentrations effected the chemical bonding and the physical properties as was evident from the changes observed in density, hardness, stress, friction coefficient, and contact angle of water on films. Compared to B-doped or F-doped DLC films, the F and B co-doping of DLC during PIIP deposition resulted in the formation of films that possessed a reduced hydrogen concentration and stress, while maintaining a high hardness, low friction coefficient, and high wetting contact angle.