Mg(BH4)2 is one of the few complex hydrides which have the potential to meet the requirements for hydrogen storage materials, because it contains 14.9 mass% H and has suitable thermodynamic properties. It has not been investigated for hydrogen storage applications yet. In this study, several ways to synthesize solvated and desolvated magnesium tetrahydroborate by wet chemical and mechanochemical methods were tested and compared. A direct synthesis by a reaction of MgH2 with aminoboranes yields magnesium tetrahydroborate quantitatively and in pure form. The method is also applicable to the synthesis of other tetrahydroborates. The products were characterized by elemental analysis, in situ X-ray diffraction (XRD), infrared spectroscopy (FTIR), and thermal analysis methods, such as thermogravimetric analysis (TGA-DSC) and high-pressure calorimetry under a hydrogen atmosphere (HP-DSC).