This paper investigates the microstructure, mechanical properties and fracture mechanism of composites fabricated by the exothermic dispersion method in the Al–TiO 2–B 2O 3 reaction system. When the B 2O 3/TiO 2 mole ratio is zero, the reinforcements of the composites are composed of α-Al 2O 3 and Al 3Ti. The α-Al 2O 3 particulates are segregated at matrix boundaries and cannot enter the aluminum matrix grains due to poor wetting with the matrix and the Al 3Ti rods distribute uniformly throughout the matrix. The ultimate tensile strength and elongation of the composites at room temperature are 250.4 MPa and 4.0%, respectively. The fracture mechanism of the composite can be characterized by a crack nucleus initiating in the Al 3Ti rod and then propagating to the interface because of the poor properties of Al 3Ti. When the B 2O 3/TiO 2 mole ratio reaches 1, the Al 3Ti phase is almost eliminated, the ultimate tensile strength and elongation increase to 320.8 MPa and 10.6%, respectively, and the tensile fracture surface is composed of fine ductile dimples. When the test temperature is about 723 K and the B 2O 3/TiO 2 mole ratio is 1, the elongation increases to 20.5% and the ultimate tensile strength decreases to 85.6 MPa.