Herein, Fe(Al, Ta)/Fe2Ta(Al) eutectic composites are prepared using the electron beam floating zone melting directional solidification technique. The compression and fracture toughness properties of Fe(Al, Ta)/Fe2Ta(Al) eutectic composites at different solidification rates are studied with compression and three‐point bending experiments. The toughening mechanism of the material is also analyzed from morphology, composition, and microstructure. The results show that the yield strength and compression properties of the Fe(Al, Ta)/Fe2Ta(Al) eutectic composite are increased with the increase of the solidification rate. The room‐temperature fracture toughness reaches 30.5 MPa m1/2 when the solidification rate is 4 mm min−1. In addition, the material exhibits high strength performance at room temperature. However, it exhibits poor strength and excellent plasticity due to the softening effect of recrystallization at 600 °C. The toughening mechanism of the Fe(Al, Ta)/Fe2Ta(Al) eutectic composites can be summarized as crack blunting, crack branching, crack deflection, and local deformation.