•High-entropy boride-carbide two-phase ultrahigh temperature ceramics are made.•This work further extends the emerging field of high-entropy ceramics.•A novel reactive spark plasma sintering route produces > ∼99 % dense specimens.•A thermodynamic relation governing the equilibrium phase compositions is discovered.•The hardness is higher than the weighted average of the two high-entropy phases. A series of dual-phase high-entropy ultra-high temperature ceramics (DPHE-UHTCs) are fabricated starting from N binary borides and (5-N) binary carbides powders. > ∼99 % relative densities have been achieved with virtually no native oxides. These DPHE-UHTCs consist of a hexagonal high-entropy boride (HEB) phase and a cubic high-entropy carbide (HEC) phase. A thermodynamic relation that governs the compositions of the HEB and HEC phases in equilibrium is discovered and a thermodynamic model is proposed. These DPHE-UHTCs exhibit tunable grain size, Vickers microhardness, Young’s and shear moduli, and thermal conductivity. The DPHE-UHTCs have higher hardness than the weighted linear average of the two single-phase HEB and HEC, which are already harder than the rule-of-mixture averages of individual binary borides and carbides. This study extends the state of the art by introducing dual-phase high-entropy ceramics (DPHECs), which provide a new platform to tailor various properties via changing the phase fraction and microstructure.