WC–Co cemented carbide/steel brazed at low–temperature is of significant scientific and technical interest. In this study, the interface microstructure between the filler alloy and WC–Co and 40Cr steel, the formation process of the joint microstructure, and the effect of brazing temperature on the microstructure and properties of joints were systematically studied. The filler alloy was bonded by forming a TiC reaction layer with WC–Co and 40Cr steel, which enhanced the retention of the filler layer on the joint. The microstructure of the joint was a WC–Co/TiC reaction layer/TiCo reaction layer/Cu2InTi + eutectic structure (Ag [s, s] + Ag–doped Cu7In3 + Cu4In) + Cu [s, s]/TiC reaction layer/40Cr steel. Moreover, the maximum average shear strength of the joint (brazed at 740 °C) reached 258 MPa, which is approximately 60% higher than those reported in the literature. The fracture behavior of the joint was mainly affected by the distribution of the Cu2InTi intermetallic compounds in the filler layer and the diffusion of Co from the cemented carbide.