Abstract: The microstructure of TiC-Fe cermets prepared by SHS/PHIP was studied. A thin diffusion layer was found between Fe and TiC. As the Fe content was increased, the thickness of diffusion layer and particle size of TiC were decreased, and the combustion reaction became incomplete since some of the lath structure consisting mainly of C were found in Fe-binder phase of TiC-40Fe. There exists a little of precipitate phase of Fe2Ti in Fe-binder phase. A great deal of dislocation were observed in TiC grains.