Using first-principles calculations, the structural stability, elastic strength, and formation enthalpies of four diborides MB2 (M = Tc, W, Re, and Os) are investigated by means of the pseudopotential plane-waves method, as well as the roles of covalency and bond topology in the phase incompressibility. Three candidate structures of known transition-metal diborides are chosen to probe. The calculated lattice parameters, elastic properties, Poisson's ratio, and B/G ratio are derived. It is observed that the ReB2-type structure containing well-defined zigzag covalent chains exhibits an unusual incompressibility along the c axis comparable to that of diamond. Formation enthalpy calculations demonstrate that the ground-state phase is synthesizable at low pressure, whereas the other phase can be achieved through the phase transformation. Moreover, according to Mulliken overlap population analysis, a semiempirical method to evaluate the hardness of multicomponent crystals with a partial metallic bond is presented. The predicted hardness of WB2-WB2, ReB2-ReB2, and OsB2-OsB2 is in reasonable agreement with experiment data. Both strong covalency and a zigzag topology of interconnected bonds underlie the ultraincompressibilities. In addition, the superior performance and largest hardness of ReB2-ReB2 indicate that it is a superhard material. This work provides a useful guide for designing novel borides materials having excellent mechanical performances.