Excellent thermal conductivity is beneficial for the fast heat release during service of cemented carbides. Thus, thermal conductivity is a significant property of cemented carbides, considerably affecting their service life. Still, there is a lack of systematic investigation into the thermal conductivity of two-phase WC-Co-Ni cemented carbides. To remedy this situation, we integrated experiments and models to study its thermal conductivity varying the phase composition, temperature and WC grain size. To conduct the experiments, WC-Co-Ni samples with two-phase structure were designed via the CALPHAD (Calculation of Phase Diagrams) approach and then prepared via the liquid-phase sintering process. Key thermal conductivity measurements of these prepared samples were then taken via LFA (Laser Flash Analysis). As for modeling, the thermal conductivities of (Co, Ni) binder phase and WC hard phase were firstly evaluated through our previously developed models for single-phase solid solutions. Integrating the present key measurements and models, the values of ITR (Interface Thermal Resistance) between WC hard phase and (Co, Ni) binder phase were evaluated and thus the model to calculate thermal conductivity of two-phase WC-Co-Ni was established. Meanwhile, this model was verified to be reliable through comparing the model-evaluated thermal conductivities with the experimental data. Furthermore, using this developed model, the thermal conductivity of two-phase WC-Co-Ni varying with phase-fraction, temperature and grain size of WC was predicted, which can contribute to its design for obtaining desired thermal conductivities.