Ultrafine TiC-15%Co powders were synthesized by a thermochemical process, including spray drying, calcination, and carbothermal reaction. Ti-Co oxide powders were prepared by spray drying of aqueous solution of titanium chloride and slurry, both containing cobalt nitrate, fellowed by calcination. The oxide powders were mixed with carbon powder to reduce and carburize at 1100~125 under argon or hydrogen atmosphere. Ultrafine TiC particles were formed by carbothermal reaction at 1200~125, which is significantly lower than the formation temperature (~1) of TiC particles prepared by conventional method. The oxygen content of TiC-15%Co powder synthesized under hydrogen atmosphere was lower than that synthesized under argon, suggesting that hydrogen accelerates the reduction rate of Ti-Co oxides. The size of TiC-15%Co powder was evaluated by FE-SEM and TEM and Identified to be smaller than 300 nm.