A hot pressing process was employed to produce titanium-based composites. Nanosized TiC particles were incorporated in order to improve mechanical properties of the base material. The amount of nanosized additions in the composites was 0.5, 1.0, and 2.0 wt %, respectively. Moreover, a TiB phase was produced by in situ method during sintering process. The microstructure of the Ti–TiB–TiC composites was characterized by scanning electron microscopy (SEM), electron probe microanalysis (EPMA), electron backscatter diffraction (EBSD), and X-ray diffraction (XRD) techniques. Due to the hot pressing process the morphology of primary TiC particles was changed. Observed changes in the size and shape of the reinforcing phase suggest the transformation of primary carbides into secondary carbides. Moreover, an in situ formation of TiB phase was observed in the material. Additionally, residual stress measurements were performed and revealed a mostly compressive nature with the fine contribution of shear. With an increase in TiC content, linear stress decreased, which was also related with the presence of the TiB phase.