In this work, Ti5Si3 and TiC particle reinforced titanium aluminide matrix composite sheet was fabricated by rolling and reaction annealing using the starting materials of SiCp/Al composite and pure titanium sheet. The deformation compatibility of both starting materials and microstructure evolution during reaction synthesis were studied. The results show that titanium has the similar deformability with SiCp/Al composite via the introduction of SiC particles and the selection of proper rolling temperature. Titanium aluminide matrix composite reinforced by Ti5Si3 and TiC was synthesized by reactions during the annealing. The reactions include the formation of titanium aluminide matrix by the diffusion synthesis between titanium and aluminum, as well as reinforcements (Ti5Si3 and TiC) by in-situ reaction between SiC and titanium.