The composite ceramics is composed of fiber-eutectics, transformation particles and matrix particles. First, the recessive expression between the effective stress in fiber-eutectic and the flexibility increment tensor is obtained according to the four-phase model. Second, the analytical formula which contains elastic constant of the fiber-eutectic is obtained applying Taylor’s formula. The eutectic is transverse isotropy, so there are five elastic constants. Third, the effective elastic constants of composite ceramics are predicted. The result shows that the elastic modulus of composite ceramic is reduced with the increase of fibers fraction and fibers diameter.