The NiAl(β)+Ni3Al(γ) two phase intermetallic compounds containing TiC particles were produced by various milling processes followed by hot press method, i.e. ball milling and both the dry milling and the wet milling using the vibrational mill. The changes of microstructures and the mechanical properties as well as the oxidation behavior for the hot pressed specimens were investigated. The obtained results were summarized as follows: Intermetallic composites consisting of (β+γ') matrix with the diameter of less than 1-2μm and submicron TiC particles were produced by wet milling process in hexane. Matrix alloy without TiC showed larger bending strength at 673K than that at room temperature, because of the increasing ductility at higher temperatures. Maximum bending strength of about 2100MPa was obtained for the 30vol.%TiC alloy at 673K. Matrix alloy deformed with extreme plasticity at 1073K, suggesting the occurrence of superplastic deformation. Vickers hardness at any temperature up to 1073K and the mass gain during oxidation at 1273K increased with increase of TiC volume fraction.