Powder metallurgy was used to fabricate TiC-NiCr cermets and the oxidation behavior at 900 °C was investigated. Results reveal that TiC-NiCr cermets have uniform structures with excellent mechanical properties, whose hardness is 65 HRC and flexural strength is 1450 MPa. The high-temperature oxidation mechanism of TiC-based cermets was investigated through an X-ray diffractometer and scanning electron microscope. The added elements Ni and Cr along with their solid solutions not only bond with the hard phase TiC to ensure the physical performance of the cermet, but also impede the internal diffusion during oxidation by forming a dense composite oxide layer, thereby enhancing the oxidation resistance. The TiC-NiCr cermet exhibits a dense protective oxide layer at 900 °C and can endure continuous oxidation for approximately 1000 h. A methodology for fabricating TiC-NiCr metal matrix composites is proposed, and their oxidation resistance is evaluated, providing a theoretical and practical basis for simultaneously enhancing the mechanical properties and oxidation resistance and reducing production costs.