Ultrafine WC-Co cemented carbide has superior performance of high strength and high hardness, which is widely used in industrial fields. In the traditional process, high temperature carburization method is used to prepare tungsten carbide, and solid-phase mechanical milling method is used to mix grain growth inhibitor (Cr3C2) and tungsten carbide, which easily lead to large WC particle size and uneven WC grain size distribution in WC-Co cemented carbide, thus affecting mechanical properties of the alloy. In the new process, based on the genetic relationship between the particle size of ammonium paratungstate and tungsten carbide, ultrafine ammonium paratungstate uniformly doped with yttrium was firstly obtained by adding a certain amount of ammonia and yttrium oxide into the ammonium metatungstate solution. Then the ammonium paratungstate was calcined to obtain yttrium-doped tungsten trioxide, which was then converted into yttrium-doped ultrafine tungsten carbide powders by introducing carbon monoxide at a low temperature. Finally, the ultrafine WC-Co cemented carbide was prepared by pressure sintering. During the neutralization and crystallization process of ammonium metatungstate solution, the yttrium-doped ultrafine ammonium paratungstate (Fischer particle size 8.4 μm) with narrow particle size distribution and regular morphology was prepared. The yttrium-doped ammonium paratungstate was calcined at 500 °C for 90 min in air atmosphere to obtain yttrium-doped tungsten trioxide powder with a Fischer particle size of 4.5 μm and narrow size distribution. Then the yttrium-doped tungsten trioxide and carbon monoxide gas were reacted at 920 °C for 3h to obtain yttrium-doped ultrafine tungsten carbide powder with a Fischer particle size of 0.32 μm and a specific surface area of 4.44 m2/g, and ultrafine WC-Co cemented carbide with tungsten carbide grain size of 0.28 μm was obtained by pressure sintering. The yttrium uniform distributed effectively inhibited the abnormal growth of tungsten carbide grains. Compared with the WC-Co cemented carbide prepared by solid-phase mechanically mixing tungsten carbide powder and chromium carbide, the yttrium-doped WC-Co cemented carbide had a smaller average tungsten carbide grain size and a more homogeneous microstructure. The prepared yttrium-doped WC-Co cemented carbide had a hardness (HRA) of 94.6, a bending strength of 4841 M, and a coercive force of 42.3 KA/c.