In situ HfB2–SiC–VSi2 composite was fabricated by reactive pressureless sintering at the temperature of 2150 °C for 4 h under a vacuum atmosphere. In situ SiC and VSi2 reinforcements were formed using VC and Si powders as starting materials according to the following reaction: VC + 3Si = SiC + VSi2. Microstructural studies and thermodynamic calculations revealed that in situ VSi2 and SiC phases were mostly formed and homogeneously distributed in HfB2 skeleton. The results showed that the density of in situ HfB2–SiC–VSi2 composite was 98%. Besides, the mechanical properties of the composite were effectively enhanced by the formation of in situ second phases. The Vickers hardness and the fracture toughness of the composite reached 20.1 GPa and 5.8 MPa m−1/2, respectively.