Ultra-fine TiC/Co composite powder was synthesized by the carbothermal reduction process without wet chemical processing. The starting powder was prepared by milling of titanium dioxide and cobalt oxalate powders followed by subsequent calcination to have a target composition of TiC-15 wt.%Co. The prepared oxide powder was mixed again with carbon black, and this mixture was then heat-treated under flowing argon atmosphere. The changes in the phase, mass and particle size of the mixture during heat treatment were investigated using XRD, TG-DTA and SEM. The synthesized oxide powder after heat treatment at 700$^{circ}C$ has a mixed phase of TiO$_2$ and CoTiO$_3$ phases. This composite oxide powder was carbothermally reduced to TiC/Co composite powder by the solid carbon. The synthesized TiC/Co composite powder at 1300$^{circ}C$ for 9 hours has particle size of under about 0.4 $mu$m.