Multiphase ceramic composites with improved mechanical properties and high‐temperature stabilities resulting from minimized grain sizes due to extended diffusion distances are introduced. Four‐phase (quadruplex) composites of 25 vol% Al2O3–25 vol% NiAl2O4–25 vol% TiC–25 vol%“ZrO2”; 30 vol% Al2O3–30 vol% NiAl2O4–10 vol% TiC–30 vol%“ZrO2”; and 50 vol% Al2O3–20 vol% NiAl2O4–10 vol% TiC–20 vol%“ZrO2” as well as a five‐phase (quintuplex) composite of 20 vol% Al2O3–20 vol% TiB2–20 vol% TiC–20 vol% ZrB2–20 vol%“ZrO2” were fabricated using hot‐pressing procedures. The 25 vol% Al2O3–25 vol% NiAl2O4–25 vol% TiC–25 vol%“ZrO2”‡ composite, hot pressed at 1600°C for 1 h in an Ar atmosphere, had three‐point bend strength, hardness, and toughness values of 984 MPa, 1251 kg/mm2, and 4.74 MPa·m1/2, respectively. The chemically compatible, quintuplex composite consisting of 20 vol% Al2O3–20 vol% TiB2–20 vol% TiC–20 vol% ZrB2–20 vol%“ZrO2” was hot pressed at 1800°C in an Ar atmosphere for 5 h and it had hardness, bend strength, and toughness values of 1707 kg/mm2, 714 MPa, and 5.12 MPa·m1/2, respectively. The four‐ and five‐phase composites, heat‐treated under an Ar atmosphere at 1600°C for 100 h, each showed high‐temperature stabilities without any severe changes in the microstructural and mechanical properties.