TiO2–Co composite powders with various Co contents were prepared by the alloying-recomposition-oxidation-sintering process. For comparison, conventionally mixed TiO2–Co composites with the same compositions were sintered at 1000, 1100, 1200, 1300, and 1400℃. Structural characterizations were performed using X-ray diffraction, field-emission scanning electron microscopy, energy-dispersive spectroscopy, and transmission electron microscopy. All of the sintered samples were more densified. A melted matrix was observed at a temperature higher than 1300℃. The flexural strength and the fracture toughness of the TCA sample were higher than those of the conventionally mixed TiO2–Co sample at the same sintering temperature, while the Vickers hardness exhibited the opposite relationship. The flexural strength and the fracture toughness of the TCA sample increased until a Co content of 14 vol%, followed by decrease at 18 vol%, while those of the conventionally mixed TiO2–Co sample increased in the entire Co content range. The highest flexural strength and fracture toughness were observed for T14CA sintered at 1400℃ (161.3 MPa and 6.39 MPa m−1/2, respectively). Consequently, the desirable Co content in the TiO2–Co composite prepared by the alloying–recomposition–oxidation–sintering process was 14 vol%.