It has been proved on the basis of IR, B-11 NMR and C-13 NMR investigations that the reaction of NaBH4 and HCN in THF does not give rise to NaBH3NC as reported earlier, but NaBH3CN, NaBH3CNBH3 and NaCN are the products. Assumption of the formation of NaBH3NC was due to misinterpretation of the IR and B-11 NMR spectral data: the nu(CN) band of NaCN and the chemical shift (delta) value of the boron atom attached to nitrogen in NaBH3CNBH3 were mistakenly assigned to those of NaBH3NC. According to the measured kinetic data and time course of change of the product ratio, a new modified mechanism of the reaction is suggested. The results of the B-11 NMR studies led to the detection of the formation of HNCBH3 and HCNBH3, in the equilibrium reaction between NaBH3CNBH3 and HCN.