Microstructure in anchoring site of TiC cermets/steel explosive cladding plate was analyzed by transmission electron microscope (TEM), scanning electron microscope (SEM) and energy-dispersive spectrometer (EDS). An intermittent micro-crystal layer, with thickness of about 10μm, was observed in anchoring area. The inner crystal size was in range of some nanometer to hundreds of nanometer. The phases of the layer are mainly austenite, ferrite, and some titanium carbide. A flow layer was observed in the area near the steel side. The diffusion of Ti is the most apparent and the diffusion length is about 15μm. The observation of the microstructure in anchoring area revealed the nature of explosive compound in metallurgical anchoring.