The processing, microstructures and mechanical properties of intermetallic alloy based on AleMoeZreCo (AMZC) and its composites reinforcedwith micro-sized TiC, partially stabilized zirconia (PSZ)-ZrO2 or SiC particulates were investigated. The results showed that the alloysystem exhibits multi-phase microstructures, composed of several aluminides including ZrAl2, Al5Co2, Al9Co2, AlMo3, Al8Mo3 and Zr2Al. TheAMZC/SiC composite showed poor mechanical properties, due to the existence of residual porosity and weak interfacial bonding. In contrast,the other two composites exhibited superiority in both flexural strength and fracture toughness at room temperature than the AleMoeZreCobasedmulti-phase alloy. Homogeneous distribution of ceramic particles and perfect interfacial bonding accounted for the improvement ofstrength. The addition of TiC or ZrO2 particle into the matrix alloy produced remarkable toughening effect.