In the present study, the focus is on the analysis of carbothermal reduction of the titanium-cobalt-oxygen based oxide powder by solid carbon for the optimizing synthesis process of ultra fined TiC/Co composite powder. The titanium-cobalt-oxygen based oxide powder was prepared by the combination of the spray drying and desalting processes using the titanium dioxide powder and cobalt nitrate as the raw materials. The titanium-cobalt-oxygen based oxide powder was mixed with carbon black, and then this mixture was carbothermally reduced under a flowing argon atmosphere. The changes in the phase structure and thermal gravity of the mixture during carbothermal reduction were analysed using XRD and TGA. The synthesized titanium-cobalt-oxygen based oxide powder has a mixture of $TiO_2$ and $CoTiO_3$. This oxide powder was transformed to a mixed state of titanium car-bide and cobalt by solid carbon through four steps of carbothermal reduction steps with increasing temperature; reduction of $CoTiO_3$ to $TiO_2$ and Co, reduction of $TiO_2$, to the magneli phase($Ti_nO_{2n-1}$, n>3), reduction of the mag-neli phase($Ti_nO_{2n-1}$, n>3) to the $Ti_nO_{2n-1}$(2$leq$n$leq$3) phases, and reduction and carburization of the $Ti_nO_{2n-1}$(2$leq$n$leq$3) phases to titanium carbide.