HfB2, Si, and activated carbon powders were selected to fabricate 0–30 vol% SiC reinforced HfB2-based composite. Pressureless sintering process was performed at 2050 °C for 4 h under a vacuum atmosphere. Microstructural studies revealed that in situ SiC reinforcement was formed and distributed in the composite according to the following reaction: Si + C = SiC. A maximum relative density of 98% was measured for the 20 vol% SiC containing HfB2 composite. Mechanical investigations showed that the hardness and the fracture toughness of these composites were increased and reached up to 21.2 GPa for HfB2-30 vol% SiC and 4.9 MPa.m1/2 for HfB2-20 vol% SiC, respectively. Results showed that alpha-SiC reinforcements were created jagged, irregular, and elongated in shape which were in situ formed between HfB2 grains and filled the porosities. Formation of alpha-SiC contributed to improving the relative density and mechanical properties of the composite samples. By increasing SiC content, an enhanced trend of thermal conductivity was observed as well as a reduced trend for electrical conductivity.