This study investigates the impact of carbon on the kinetics of the spark plasma sintering (SPS) of nano- and submicron powders WC-10 wt.%Co. Carbon, in the form of graphite, was introduced into powders by mixing. The activation energy of solid-phase sintering was determined for the conditions of isothermal and continuous heating. It has been demonstrated that increasing the carbon content leads to a decrease in the fraction of η-phase particles and a shift of the shrinkage curve towards lower heating temperatures. It has been established that increasing the graphite content in nano- and submicron powders has no significant effect on the SPS activation energy for “mid-range” heating temperatures, QS(I). The value of QS(I) is close to the activation energy of grain-boundary diffusion in cobalt. It has been demonstrated that increasing the content of graphite leads to a significant decrease in the SPS activation energy, QS(II), for “higher-range” heating temperatures due to lower concentration of tungsten atoms in cobalt-based γ-phase. It has been established that the sintering kinetics of fine-grained WC-Co hard alloys is limited by the intensity of diffusion creep of cobalt (Coble creep).