Experimental studies of microwave-sintered cermets were carried out at different sintering temperatures and holding times to investigate their microstructure evolution mechanism. Results of the study show that: (1) As sintering temperature increases, main microstructure evolution mechanisms of cermets are as follows: metal-phase melting, hard-phase skeleton filling of large pores in hard-phase skeletons, secondary rearrangement of the liquid phase (the liquid phase gradually fills the space between grains), and cooling down (precipitation–crystallization–reattachment); (2) As holding time increases, main microstructure evolution mechanisms of cermets are as follows: complete filling of large pores in the hard-phase skeleton, secondary rearrangement of the liquid phase, intense dissolution precipitation enhancing the formation of core-rim phase, and secondary homogeneous arrangement of the liquid phase. The special electromagnetic effects of microwave-sintered cermets and their influence on the sintering process were analyzed. It was found that both tip-discharge effect and hot-spot effect occurring during the microwave sintering process are conducive to the sintering process. The formation process of core-rim phase of cermets was also studied. Results show that: (1) Cermets form black core–white rim–grey rim structure via dissolution–precipitation and precipitation–crystallization phenomena; (2) Cermets form white core–grey rim structure through agglomeration of small particles, dissolution–precipitation, and precipitation–crystallization phenomena.