This study dealt with the suppression of interfacial reaction between Nb and MoSi$_2$ for the fabrication of high toughness Nb/MoSi$_2$ laminate composites, based on the results of a thermodynamical estimation. Especially, the effect of ZrO$_2$ particle on the interfacial reaction of Nb/MoSi$_2$ bonding materials has been examined. Nb/MoSi$_2$ bonding materials have been successfully fabricated by alternatively stacking matrix mixtures and Nb sheets and hot pressing in the graphite mould. The addition of ZrO$_2$ particle to MoSi$_2$ matrix is obviously effective for promoting both the interfacial reaction suppression and the sintered density of Nb/MoSi$_2$ bonding materials, since it is caused by the formation of ZrSiO$_4$ in the MoSi$_2$-ZrO$_2$ matrix mixture. The interfacial shear strength of Nb/MoSi$_2$ bonding materials also decreases with the reduction of interfacial reaction layer associated with the content of ZrO$_2$ particle and the fabrication temperature.