This work aimed to characterize Al2O3 matrix composites fabricated by the slip casting method using NiAl-Al2O3 composite powder as the initial powder. The composite powder, consisting of NiAl + 30 wt.% Al2O3, was obtained by mechanical alloying of Al2O3, Al, and Ni powders. The composite powder was added to the Al2O3 powder to prepare the final powder for the slip casting method. The stained composite samples presented high density. EDX and XRD analyses showed that the sintering process of the samples in an air atmosphere caused the formation of the NiAl2O4 spinel phase. Finally, the phase composition of the composites changed from the initial phases of Al2O3 and NiAl to Al2O3, Ni, and NiAl2O4. However, in the area of Ni, fine Al2O3 particles remaining from the initial composite powder were visible. It can be concluded that after slip casting, after starting with Al2O3 and the composite powder (NiAl-Al2O3) and upon sintering in air, ceramic matrix composites with Ni and NiAl2O4 phases, complex structures, high-quality sintered samples, and favorable mechanical properties were obtained.