TiO2 is a sintering additive that can significantly improve the sintering and mechanical properties of Cr2O3–Al2O3 refractory materials with high Cr2O3 contents. In this study, TiO2-reinforced Cr2O3–Al2O3 composite refractories were prepared using a reaction-sintering process. The microstructure, phase composition, mechanical properties, and strengthening mechanism of the TiO2-reinforced Cr2O3–Al2O3 composite refractories were investigated. The results indicated that the Al2O3–Cr2O3–TiO2 composite refractory with a TiO2 content of 3.0–4.5 wt% had good compactness (porosity of 5.89%), hardness (17.21 GPa), wear resistance (wear rate of 0.4 mm3/Nm), flexural strength (101.10 MPa), and compressive strength (420.90 MPa). This is mainly because when the added amount of TiO2 was <3.0 wt%, TiO2 was solidly soluble in the matrix, forming a Ti3+-doped (Cr, Al)2O3 solid solution, inhibiting abnormal grain growth, rapidly increasing the sintering shrinkage of the sample, rapidly increasing the bulk density, rapidly decreasing the apparent porosity, and improving the sintering and mechanical properties of the composite resistant material. When the TiO2 addition exceeded 4.5 wt%, a large amount of (Cr, Al)2TiO5 phase was distributed between the grain boundaries of the solid solution, and its bulk density started to decrease. The sintering shrinkage and apparent porosity did not change significantly, and the bonding between the solid solution was not improved. Thus, the sintering and mechanical properties of the composite resistant material deteriorated. Taking into account the slag resistance and mechanical properties of the material, Al2O3–Cr2O3–TiO2 with a TiO2 content of 3.0–4.5 wt% can meet the service requirements for mechanical properties of the lining of smelting reduction ironmaking furnaces.