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We present an algorithm for multiclass Semi-Supervised learning which is learning from a limited amount of labeled data and plenty of unlabeled data. Existing semi-supervised algorithms use approaches such as one-versus-all to convert the multiclass problem to several binary classification problems which is not optimal. We propose a multiclass semi-supervised boosting algorithm that solves multiclass classification problems directly. The algorithm is based on a novel multiclass loss function consisting of the margin cost on labeled data and two regularization terms on labeled and unlabeled data. Experimental results on a number of UCI datasets show that the proposed algorithm performs better than the state-of-the-art boosting algorithms for multiclass semi-supervised learning.