Effect of TiB2 substitution on thermal conductivity and hardness in TiC / Fe-Al cermets was investigated. The (70-x)TiC / xTiB2 / 26Fe-4Al mass % cermets were fabricated by mechanical milling and subsequent pulsed current sintering method. The high relative density compacts was formed by sintering at 1423 K under 25 MPa for 60 s. The sintered materials were mainly composed of TiC, TiB2 and Fe-Al intermetallic compound. In addition, small amounts of Fe2B surrounding TiB2 were formed. The thermal conductivity of the sintered compact lineally increased with increasing TiB2 volume fraction. However, the hardness of the sintered compacts of x = 20 – 40 were higher than that of x = 0. Therefore, the substitution of TiC to TiB2 in the TiC / Fe-Al based cermet is effective to improve the thermal conductivity without the degradation of hardness.