Ti(C,N)-TiB2-Co cermets were in situ synthesized, via reactive hot pressing from the Co-Ti-C-BN system, with a Co content ranging from 6 to 22 wt%. The microstructure, relative density, hardness, and fracture toughness of the sintered compacts was investigated by light microscopy, scanning electron microscopy, ceramic densitometry, and Vickers hardness test. The investigations indicate that during hot pressing (compacting pressure = 30 MPa), when the Co content is 14–22 wt%, the metal binder is extruded. Co and Ti are included in the extrudate, breaking the original ratio and deteriorating the properties of the sintered products. As the Co content increases from 6 wt% to 12 wt%, the porosity increases, and the relative density increases from 97.2% to 99.5%. The fracture toughness increases from 6.1 to 6.8 MPa m1/2. The Vickers hardness first increases from 1897 HV10 to the maximum 1960 HV10 and then decreases slightly to 1945 HV10.