Ti(C0.7N0.3)-ZrO2-Ni-Mo cermet with 73.9%Ti(C0.7N0.3)-10%ZrO2-13%Ni-3.3%Mo(in mass) was fabricated by HP technology. The fabricated material possesses good mechanical properties with flexure strength (1264AMpa), fracture toughness (15 MPa.m(1/2)) and Vickers hardness (16.2GPa). The results of microstructure observation and analyses of the composite cermet by TEM, SEM and EDAX show that Mo2C nanoparticles are separated in the Ti(C,N) grains and the structure is similar to the "intragranular structure" in nanocomposite material. Smaller size t-ZrO2 and m-ZrO2 grains are distributed on the boundaries of Ti(C,N) grains and the amount of m-ZrO2 is more than that of t-ZrO2. The growth of m-ZrO2 grain has an orientation on Ti(C,N) grain, which is propitious to the boundary bonding strength.