A titanium matrix composite reinforced with TiB was produced using powder metallurgy. A Ti–6Al–4V alloy was chosen to be the matrix, and 12wt.% of TiB2 was used as the boron source for the solid state formation of TiB. The TiB2 to TiB conversion reaction was studied using an in situ high energy X-ray diffraction technique while heat treating the composite. The TiB2 (space group: P6/mmm) converts into TiB-B27 (Pnma), via TiB-Bf (Cmcm). The metastable character of Bf is confirmed here; it is the first phase formed during the conversion and it progressively converts into B27 during elevated temperature heat treatment. A modification of the phase transformation kinetics in the matrix and of the composite β transus temperature (Tβ=1275°C) was also observed, mainly due to gas contamination and intensive work hardening as a result of the mechanical alloying process used to manufacture the material and to a modification of the matrix equilibria.