Pre-alloyed Fe/Mo powder was manufactured by water atomization method with different molybdenum contents of 1.6%, 2.21%, 2.87%, 4.34%, 6.5% (in wt. %),respectively, and this powder was used as binder to fabricate TiC steel-bonded carbide. The mean grain size of the ball milled powders was smaller because of the increase of hardness and brittleness due to the existence of molybdenum in Fe/Mo pre-alloyed powder TiC phase grew slowly and uniformly owning to the uniform distribution and low activity of molybdenum as a result of the adding method (compared with the adding method of pure metallic molybdenum powder), whereas the abnormal grain growth was suppressed. Results showed that the microstructure of the alloy was finer obviously and the density, hardness, strength and impact toughness of the alloy all increased to some extent.